Congress Introduces Bill to cancel $25k federal student loans

here are two updates in as many days. First, the federal pause on student-loan “collections” was extended from May 1 to November 1. That’s for loans that were previously in default before the pandemic. Basically, the tax benefits enhanced by the American Rescue Plan, like the earned income, child and Recovery Rebate tax credits, won’t be seized. Second, Congressman Gonzalez introduced the “Student Loan Relief Bill” that would cancel $25,000 of federal student loans. This is only the first step for Congress to cancel any federal student loans.

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