Student-loan companies are raising ‘serious concerns’ by offering refinancing options to borrowers that could make them ineligible for Biden’s debt cancellation Biden announced up to $20,000 in student-loan forgiveness for some federal borrowers. But some student-loan companies are offering borrowers the option to refinance to private loans. Doing so could block a borrower from getting federal relief, and the CFPB said it raises "serious concerns." While many might be rejoicing President Joe Biden''s student-loan forgiveness announcement, borrowers should be especially careful with how they''re handling their debt right now. In late August, Biden announced up to $20,000 in debt cancellation for Pell Grant recipients making under $125,000 a year, and up to $10,000 in relief for federal borrowers under the same income cap. It was a long-awaited announcement, given Biden promised relief on his campaign trail, but it also sparked some confusion among millions of federal borrowers regarding eligibility requirements, how to apply, and the timeline for this relief. Many of the student loan servicer sites where borrowers access their balances were down for hours following Biden''s announcement.