Senator Whitehouse proposes student loan forgiveness for healthcare workers and teachers

A new legislative proposal includes the cancellation of student loans for frontline healthcare workers and teachers.

Here’s what you need to know.

Student loans

Sen. Sheldon Whitehouse (D-RI), a member of the US Senate Finance Committee, introduced two bills in Congress to cancel student loans. Potential winners include frontline healthcare workers and teachers. (6 major changes to student loan relief).

“We owe so much to our health care workers and our teachers — something we’ve come to appreciate even more during the COVID-19 crisis,” Whitehouse said. “This bill honors the contributions of these public servants by helping them wipe the slate clean of student debt.

(Biden could extend student loan payment break indefinitely)

Student Loan Forgiveness for Healthcare Workers

The Student Loan Forgiveness for Frontline Health Care Workers Act:

  • cancel student loans for healthcare workers who have made “significant contributions during the Covid-19 pandemic”;
  • includes front-line healthcare workers who contributed to the medical response (eg, patient care, medical research or testing); and
  • would apply to private and federal student loans.

Rep. Carolyn Maloney (D-NY) introduced the bill in the U.S. House of Representatives.

(Explosive Report Claims This Student Loan Service Deceived Student Loan Borrowers)

Student Loan Forgiveness for Teachers

The Teacher Loan Forgiveness Enhancement Act:

  • increasing the amount of student loan forgiveness available to teachers;
  • provide $30,000 in student loan relief rather than the current $17,500;
  • would apply to “highly qualified” teachers as defined by the Ministry of Education;
  • includes $15,000 instead of $5,000 for other teachers.

Representative Elaine Luria (D-VA) introduced the bill in the U.S. House of Representatives.

(Student loan forgiveness reduced to $25,000 for student borrowers)

Will your student loans be forgiven?

You may be wondering: Will your student loans be forgiven? Since becoming president, President Joe Biden has forgiven more than $15 billion in student loans. That said, Biden will forgive $6.2 billion in student loans by changing student loan forgiveness. This includes the Limited Public Service Loan Cancellation Waiver, which allows previously ineligible student loan payments to be “counted” toward your student loan cancellation terms. Sen. Patty Murray (D-WA) has called for an extension of the limited waiver for student loan forgiveness through 2023. With the twin Whitehouse proposals, healthcare workers and first-grade teachers may online could get additional student loan forgiveness if Congress passes this legislation. Based on comments from White House Chief of Staff Ron Klain, it’s possible Biden will extend the student loan payment break for the fourth time. Biden is also considering large-scale student loan forgiveness for student borrowers.

Student loan repayments for federal student loans are expected to resume after May 1, 2022. Prepare now for student loan repayment. This means you need to weigh your options.

Here are some popular ways to save money for your student loans:

Student Loans: Related Reading

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Biden could extend student loan payment break indefinitely

6 Major Changes to Student Loan Forgiveness

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