If student loans aren’t canceled, borrowers threaten to vote out Democrats

If President Joe Biden doesn’t cancel your student loans, at least some student borrowers are threatening to vote vs Democrats in the upcoming midterm elections.

Here’s what you need to know — and what that means for your student loans.

Student loans

Will voters abandon the Democrats if there is no extension of the student loan payment pause and no large-scale student loan cancellation? This is the implication some members of Congress have made if Biden does not implement these policies. immediately. Will President Joe Biden extend student loan payment break, which is due to end on May 1, 2022? (Biden could suspend student loans forever). Will Biden cancel your student loans? Not only are these issues pressing for student borrowers today, but some members of Congress are also saying they will be the defining issues in the November congressional midterm elections. (That said, other members of Congress say canceling student loans for all student borrowers could alienate independent and moderate voters). Let’s explore.

(Student loan cancellation and student loan payment suspension are confusing. Here’s what to know)


Democrats Could Lose Midterm Elections If They Don’t Forgive Student Loans

Some progressive Democrats in Congress are warning Biden that if he doesn’t enact large-scale student loan forgiveness now, tWhen Democrats Could Lose Midterm Elections Nov. 8, 2022. (Student Loan Forgiveness May Be Why Democrats Lose Midterm Election). For example, Rep. Alexandria Ocasio-Cortez (D-NY) implored Biden to enact large-scale student loan forgiveness. She argued that Biden has existing legal authority to cancel all student loans through the Higher Education Act of 1964. The argument continues: if Biden does not use this apparent authority now, the student borrowers won’t vote for Democrats (or won’t vote at all). (Biden removed student loan forgiveness from his annual budget.) If there is low voter turnout or a concerted effort not to vote for Democrats, then Democrats could lose control of Congress. Are these student borrowers ready to take this gamble?


Student Loan Cancellation: Will Student Borrowers Really Not Vote Democrats?

If you’re a Democrat, not voting in the midterm elections because you’re frustrated that there was no large-scale student loan forgiveness is effectively voting for Republicans. If you agree with this choice, proceed as planned. Free elections are one of the cornerstones of our democracy. Voters have the opportunity to elect their representatives, including members of Congress and the president. In a two-party political system, voters have two main choices: Republicans or Democrats. Republicans in Congress do not support one-time, large-scale student loan cancellation. Many Democrats also do not support large-scale student loan forgiveness, but may be your best bet to forgive student loans. (Biden could cancel student loans while ending student loan relief). Student borrowers who don’t vote agree with Sen. Mitch McConnell (R-KY) becoming the next Senate Majority Leader and Rep. Kevin McCarthy (R-CA) the next Speaker of the House? If so, then voting Republican (or not voting) might be a smart strategy. However, if the goal is large-scale student loan cancellation, your best hope would be to elect Democrats. (The new proposal would extend the student loan payment break and cancel student loans). That doesn’t mean Democrats are doing a good job of student loan relief or student loan forgiveness. (That said, Biden canceled $17 billion in student loans). Nor does it mean there will be large-scale guaranteed cancellation of student loans if the Democrats win. However, not voting (or voting Republican) is a surefire plan to ensure that there will certainly be no large-scale student loan cancellation.


Republicans also want student loan relief

Although Republicans in Congress do not support large-scale student loan forgiveness, it would be unfair to claim that Republicans do not care about student loan relief. (Student loan payment pause: Senator says extending student loan relief is unfair to most Americans.) On the contrary, several Republicans in Congress have championed student loan relief for borrowers. For example, Republicans backed the Cares Act, the $2 trillion stimulus package that included historic student loan relief, like suspension of student loan payments. President Donald Trump, a Republican, signed into law the legislation and extended the suspension of student loan payments. Other Republicans in Congress have proposed legislation that could change the future of student loans. (Student loan relief could happen with these 3 bills in Congress).

  • For example, Senator Marco Rubio (R-FL) has proposed eliminating interest on student loans.
  • Sen. Rand Paul (R-KY) has proposed legislation to pay off student loans using your 401k or retirement plan.
  • Sen. Jon Cornyn (R-TX) has proposed making it easier for student borrowers to repay their student loans in the event of bankruptcy.

(The new proposal would extend the student loan payment break and cancel student loans).


Student loans: next steps

It is always your choice to abstain from voting in an election. However, not voting may have implications that you should also consider. For example, the other political party could win, which could eliminate the prospect of your desired political goals. Alternatively, voting for the other political party can get you closer to the student loan outcome you are looking for. It is important to note that whichever way you choose to proceed, it is also possible that no progress will occur regarding the cancellation of the student loan. It is possible that none of the political parties will enact large-scale student loan forgiveness for all student borrowers, now or in the future.

Currently, student loan repayments are expected to resume after May 1, 2022. Be sure to prepare yourself by understanding the best student loan repayment strategies.

Here are some popular ways to repay student loans:

Student Loans: Related Reading

New proposal would extend student loan payment break and cancel student loans

Here’s who won’t qualify for $6.2 billion in student loan forgiveness

Biden removes student loan cancellation from budget

Student loan refinance rates have gotten ridiculously low

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