If the White House passes sweeping student loan forgiveness, it’s unlikely that borrowers who have loans with Sallie Mae will benefit.
Private student loan borrowers account for roughly 8% of the $1.71 trillion overall student debt in the United States. They are, nevertheless, left out of the student loan forgiveness plans promoted by democratic senators such as Chuck Schumer and Elizabeth Warren. The relief they’re pushing would apply only to those owing federal student loans.
Similarly, the relief initiatives authorized by the Biden administration throughout the pandemic — the student loan moratorium, PSLF Waiver, IDR account adjustment, and so on — have been restricted to borrowers with loans held by the Education Department.
Given the government’s record of restricting relief to federal student loan debt, Sallie Mae loans are unlikely to be forgiven.
Learn More: Student Loan Forgiveness Programs