With stimulus payments on the way to Americans, many with student loan debt are still anxious about relief.


What You Need To Know

  • Loan forgiveness is not in the new stimulus package

  • Democrats pushing for president to cancel some student loan debt

  • They say he could cancel up to $50,000 per borrower

Loan forgiveness is not in the new stimulus package but many are still hopeful they will get some relief soon.

Many Democrats in Congress, including Senate Majority leader Chuck Schumer, are pushing for President Joe Biden to cancel some student loan debt.

They say he could cancel up to $50,000 per borrower.

But Biden wants Congress to act instead and so far has shown support in forgiving $10,000, not $50,000.

Those in support of loan forgiveness say it will be its own kind of stimulus.

"The domino effect has been that when people have high student debt payments — $1,000, $2000 per month — they can't buy houses, they can't buy cars, they aren't able to make purchases to help that small business out," said Natalia Abrams, the executive director of Student Debt Crisis.

The new stimulus package does include some tax relief for those with student loan debt.

Biden recently eased restrictions for the Paycheck Protection Program, expanding its eligibility to include business owners with defaulted or delinquent federal student loans.

Currently, there are about 45 million Americans who carry debt.