Resolvly, Florida Bar-approved Lawyer Referral Service, Answers the Question: Is Student Debt Forgiveness on the Horizon?

Resolvly comments on potential student debt forgiveness that is on the horizon. Experts from the lawyer referral service talk about President Biden’s and Congress’s plan for student debt relief in 2021 and how the plan will affect Americans who have extensive student loans.

Resolvly experts are keeping a watchful eye on the future outcome of student debt relief planned for 2021. This Florida Bar-approved lawyer referral service organization helps clients all over the nation connect with consumer protection attorneys that specialize in debt resolution. 

It is no secret what President Biden and Congress are planning for in 2021, and that includes student debt relief. During his campaign, Biden spoke of making significant changes in higher education which included relief for individuals with student loan debt. During his first day in office, President Biden extended the student loan payment forbearance to September 30th. However, proposals such as student loan forgiveness anticipate taking longer as Democrats are continuing to debate over the idea. While progressives are pushing for student debt forgiveness of up to $50,000, the administration is aiming for an underline of $10,000. 

The second-largest household debt in the United States comes from student loans. The first is mortgage debt. There are around 42 million people who owe student loan debt, which is why so many are crossing their fingers that the Biden Administration will follow through with student debt forgiveness.

Government response to student loans came during the pandemic when so many Americans could not keep up with paying off this specific debt due to the financial crisis. The government offered a helping hand to those struggling by suspending federal loan payments and interest. This response was a part of the CARES Act passed in March.  

For those struggling with private student loans, the government’s efforts were of no assistance due to only addressing federal student loan debts. Individuals with private student loan debt also do not benefit from the government’s pause on student debt, which is difficult for those who continue to face difficulty meeting payment deadlines. It is crucial to factor in unemployment rates, pandemic cultural and social changes, and the financial crisis to truly see why the times are creating hardship.

Companies like Resolvly help individuals stuck with private student loans to take those first steps towards financial freedom. Since its founding day in 2015, the Boca Raton-based company has assisted thousands of Americans in finding the right legal-based solution to reduce or eliminate unsecured debt. Resolvly services cover the various unsecured debt, including private student loans debt as well as credit card debt, business debt, vehicle repossessions, and medical bills. This organization connects clients nationwide with their network of attorneys that know how to handle debt and put the client’s legal rights first. 

For more information about Resolvly or to schedule a free consultation, visit their website at www.resolvly.com, call the toll-free number (877) 235-7225, or email info@resolvy.com

About Resolvly

Resolvly is a Florida Bar-approved lawyer referral service that helps clients nationwide connect with consumer protection attorneys that specialize in debt resolution. Founded in 2015, the Boca Raton-based company has become an industry leader by helping thousands of Americans find the right, legal-based solution to reduce or eliminate their unsecured debt. Resolvly helps with credit card debt, private student loans, business debt, medical bills, and vehicle repossessions.

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State: Florida 33432
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Website: https://resolvly.com