Here's what happens to refinanced student loans under Biden's forgiveness plan
Robert Farrington, CEO of, says that, in layman’s terms, when you refinance your student loan, you replace your federal loan with a private loan. “Private loans are owned by banks and lenders, and the government has no control over the terms and conditions of the loan,” he says. “Programs like loan forgiveness are only available for loans the government owns.
Federal student loan borrowers may have chosen to refinance via a private lender like a bank, credit union, or online lender. As noted by the Rockefeller Institute of Government, the public policy research arm of the State University of New York, in a, it can be easy for borrowers to be drawn in by aggressive refinancing ad campaigns that gloss over the realities of the arrangement.
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