2. Higher Credit Score!

With President Joe Biden's announcement that he will cancel up to $20,000 in student loan debt for millions of borrowers.

  3. Credit Score 

Expect no "huge increase" in your credit score. Even so, a higher score can enable you to negotiate better rates with other lenders.

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If you have less debt, could be able to borrow more. Your "debt-to-income ratio," or the percentage of your monthly income that is utilized to pay your existing debts, will be better.

  4. Less Debt 

  $20,000 Forgiveness! 

Biden stated that most people who have federal student loans will be eligible for some forgiveness, up to $20,000

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  1. $20,000 in student loan forgiveness 

Lenders Take Into Account Your Current Financial Responsibilities, Which Can Make It More Difficult For Persons With Student Debt To Start A Business.

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 Additionally, the Education Department recently declared that it would assist about 7 million student loan borrowers in getting out of default.

  5. Defaulting Borrowers