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Legislative Updates Q2 2021

  • President Biden has been largely silent regarding student loans in recent months. Honestly, we thought we would have some news to share with you, especially after Biden spoke to Congress on April 21st. Still, please continue to keep your loans federal for the time being, just in case. Always feel free to reach out to us with any questions. If we hear anything, we will send you an email as soon as possible.
  • President Biden did ask the Secretary of Education to deliver a memo regarding the legality of canceling up to $50,000 in student debt without congressional approval. This was about a month ago, so hopefully news will be coming soon.
  • Senator Bernie Sanders recently introduced a bill in the Senate titled “College for All Act.” Under this legislation, the government would pay for the tuition and fees for students from families earning less than $125,000. The bill did not address current borrowers, only reform at the university level. It is very unlikely the bill will pass by Republicans and even moderate Democrats to see the light of day, but we are keeping an eye on it, regardless.

Disclaimer: InsMed Loan Advisory Services, LLC does not provide investment or tax advice. The information is provided for educational purposes only.