Will progressive Democrats be able to justify to skeptical Republicans and moderate Democrats an income threshold that is $50,000 higher than the threshold for stimulus checks? If Congress cancels student loans, student loan forgiveness is likely to become a battle between amount ($50,000 vs. The income threshold for the third stimulus check is already $50,000 less than the income threshold for proposed student loan cancellation ($75,000 vs. If Congress is willing to cut stimulus checks to be more targeted, you can expect student loan cancellation could be limited in a similar way. Biden uses the same income threshold for his student loans plan for tuition-free college. This would apply to federal student loans only, and would only be available to borrowers with income below $125,000. Elizabeth Warren (D-MA) and Senate Majority Leader Chuck Schumer (D-NY) want to cancel student loans up to $50,000 for borrowers by executive order. The current income threshold for student loan cancellation has been targeted at $125,000 for individuals. This means that student loan cancellation could be limited in several ways. Now that stimulus checks have been cut for 17 million Americans, you should expect the same may happen with student loan cancellation. Congress dropped student loan cancellation from the new stimulus package, and it also wasn’t included in the last stimulus package either. Will your student loans get cancelled? You may be wondering what the new stimulus package means for student loan cancellation. This could spell bad news for student loan cancellation.
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