President Joe Biden has canceled a $ 1.5 billion student loan through this program, but he can still apply.
Here’s what you need to know:
Although Biden has not enacted a large student loan cancellation, student loan borrowers are expected to obtain student loan permission through the borrower’s defense of student loan repayment. Biden has canceled nearly $ 10 billion in student loans since taking office. This includes the cancellation of a $ 1.5 billion student loan to 92,000 student loan borrowers under the borrower’s defense against repayment rules. In July, Byden canceled a $ 55.6 million student loan to more than 1,800 student loan borrowers under the borrower’s defense of repayment. This Obama-era rule is still available and may help cancel some or all of your student loans. Here’s what you need to know and how to apply it:
1. What is the borrower’s defense against repayment?
Under federal law, if your university misleads you or commits any other illegal activity, you may be subject to the borrower’s defense against the repayment of your student loan. Borrower protection against repayments can lead to the cancellation of some or all student loan obligations. Borrower protection against repayments does not apply to private student loans.