Expect a showdown with student loans

If you anticipate student loans to be made, you should expect a showdown on your student loans.

Here’s what you need to know.

Student Loans

Before relying on $ 10,000 student loan cancellation, Senate Republicans are not going to be quick to approve student loan cancellation. Biden wants to cancel student loans immediately. He is supported by Democrats like Senator Elizabeth Warren (D-MA), Senate minority leader Chuck Schumer (D-NY) and many Democratic colleagues who want to cancel student loan debt. However, there are a few things that must happen first before a student loan cancellation is made, including who is qualified and how much student loan will be given. At the same time, many Republicans in the Senate are opposed to canceling student loans. Here are 3 reasons why Senate Republicans don’t support student loan cancellation:

1. Expect a united republican party against cancellation of the student loan

Senate Republicans are not expected to support full student loan cancellation in advance. This does not mean that Republicans are against cutting the cost of college education or helping borrowers hit by student loan debt. Rather, the Senate Republicans as a faction will not support student loan making to millions of student borrowers. There are many reasons Republicans may be against student loan cancellation. Yes, there are factions within the party that have taken different positions. For example, during the stimulus package debate, fiscal conservatives were cautious about supporting more economic controls based on total cost, while some moderate Republican senators considered stimulus controls essential. Unlike the stimulus package, Republicans have largely shown unity to oppose impeachment. Yes, there have been some Republican senators who have agreed to vote for a conviction in the impeachment trial. However, in the early days of the Biden administration, Republicans have largely shown a willingness to unite against the Democrats. Expect the same consensus on a variety of future legislative priorities, including student loan termination.

2. The mid-term elections in 2022: student loans

Don’t make a mistake. The mid-term elections in 2022 have already started. Senate Minority Leader Mitch McConnell (R-KY) and his colleagues will work tirelessly to regain control of the U.S. Senate in 2022. By November 8, 2022, the Republicans in the Senate will try to pass as few Democratic priorities as possible. This also includes the termination of the student loan. The postponement has shifted from four years of Biden administration to the first two years until the next congressional election. In the meantime, the goal of Republicans in the Senate will be to minimize the passage of Democrat-led laws. This could result in student loan issuance being postponed until the 2022 elections if Republicans get their way.

3. Expect procedural delays that may prevent student loan cancellation

Democrats control both the White House and Congress. The Republicans will try to postpone the trial, however. Maintaining the filibuster allows McConnell to argue, for example, that Congress was not created just as a majority-driven legislature. The minority party in Congress also has a powerful and important voice to put an end to majority control. Some may view the filibuster as a malicious procedural barrier (e.g., delay for the sake of delay) while others view the filibuster as an essential tool that is part of a lively debate.

McConnell is a master at the Senate process. Don’t let his title of minority leader fool you. He will be as wild and tactful as he was as a majority leader. This could delay Democrats’ priorities, including plans to cancel student loans.

Are your student loans canceled?

Biden has suggested canceling student loans in three ways. This includes an immediate cancellation of the $ 10,000 student loan. However, Biden has urged Congress to pass laws. Congress could include student loan cancellation in the new stimulus package, even though Congress removed student loan forgiveness from the last stimulus package. Senator Bernie Sanders (I-VT) proposed a new plan to pass $ 2,000 stimulus checks and student loan cancellation – with no Republican support. However, it is unclear whether the Democrats will pursue his plan or whether Biden would support this approach.

This will help you pay off student loans faster

What is the best way to pay off student loans? Make sure you are prepared and have a game plan for your student loans in case Congress doesn’t cancel the student loans. Start with these three options, all of which have no fees:

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