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What Biden’s Win May Mean for Your Student Loans and College Plans | Personal-finance

Wesley Whistle, senior advisor for policy and strategy, higher education at the public policy think tank New America, calls an additional suspension “very, very likely.” He says that could come from the Trump administration or the president-elect.

“What I imagine that (Biden) would do is extend it for a set time or using an automatic stabilizer approach, like once unemployment hits ‘x,’ ” Whistle says.

A Department of Education spokesperson declined to comment on whether President Trump plans to extend the forbearance during his final weeks in office. Biden’s transition team also did not respond to questions about whether he would use an executive order to renew the forbearance.

Provide $10,000 in forgiveness as part of COVID relief

Biden says he plans to cancel $10,000 in federal student debt as part of COVID-19 relief.

That could wipe out debt completely for nearly 15 million borrowers who owe $10,000 or less,

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Biden vs. Trump on Student Loans and Higher Education on Cheddar

As voters weigh the candidates’ various proposals heading into the 2020 presidential election, issues around higher education and mounting national student loan debt are factors many are considering before casting a ballot.

Currently, more than 40 million Americans have student loan debt, and collectively they owe the federal government $1.5 trillion. In a poll conducted by Cheddar, 12 percent of prospective voters said they defaulted on their loans with another 8 percent in danger of doing the same.
A Brookings study found that approximately 40 percent of student loan borrowers are expected to default by 2023. The financial strain, particularly in a year where the COVID-19 crisis has piled up hospital bills for many families, has moved student debt planning higher up on the list of critical voting concerns.

Plans for higher education

The Trump administration so far has rolled out the College Scorecard, a tool for prospective college students
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Bank loans scrutinized for harm to wildlife as well as climate

LONDON (Reuters) – Campaigners called on Wednesday for global banks to stop financing industrial activities driving animal and plant species toward extinction, after a report ranked 50 lenders involved in sectors that pose the greatest threat to wildlife.

While European and U.S. banks have faced years of pressure from regulators or environmental groups to act on climate change, their role in financing economic activities that destroy biodiversity is also coming under growing scrutiny.

Portfolio.earth, a network of researchers that published the “Bankrolling Extinction” report here, said none of the lenders had adequate systems to limit the impact of their loans on the web of animal and plant life that supports human well-being.

“Banks are starting to realize that if they invest in sectors that cause climate change, that will hurt their returns,” Liz Gallagher, director of portfolio.earth, told Reuters. “Banks need to understand that the same holds true for destroying

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Trump Vs. Biden On Education Policy, Student Loans : NPR

Read President Trump's and Democratic nominee Joe Biden's education policies.

Caroline Amenabar/NPR; Joe Hall/Flickr

Read President Trump's and Democratic nominee Joe Biden's education policies.

Caroline Amenabar/NPR; Joe Hall/Flickr

Key priorities

Joe Biden

  • Make public colleges, historically Black colleges and universities, and minority-serving institutions tuition-free for families making less than $125,000.
  • Make two years of community college and training programs tuition-free.
  • Cancel $10,000 of every American’s student debt and revise the current loan repayment system.
  • Establish universal prekindergarten.
  • Read details of Biden’s plans below.

Donald Trump

Biden’s plans for education

Biden is advocating to make public colleges and universities tuition-free for students with family incomes under $125,000. He links this proposal to the 2017 College for All Act, legislation introduced by Sen. Bernie Sanders of Vermont and Rep. Pramila Jayapal of Washington state.

Biden also wants to extend the 2017 proposal to include private historically Black colleges and universities and minority-serving institutions. The plan would allocate $70 billion toward those institutions to advance and expand facilities, educational and technological infrastructure and

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Sallie Mae | Education Loans, College Planning & Online Banking


Borrow responsibly
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.


This promotional benefit is provided at no cost to borrowers with loans that first disburse between July 1, 2018 and April 30, 2021. Borrowers who reside in, attend school in, or borrow for a student attending school in Maine are not eligible for this benefit. No cash value. Terms and Conditions apply. Please visit chegg.com/studystarter/termsandconditions for complete details. This offer expires one year after issuance.


This information is for undergraduate students attending participating degree-granting schools. Borrowers must be U.S. citizens or U.S. permanent residents if the school is located outside of the United States. Non-U.S. citizen borrowers who reside in the U.S.

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