The White House said that President Biden is deliberating whether to extend the pause on federal student loan payments beyond Aug. 31 and forgive a portion of student debt per borrower.
The ongoing deliberations come ahead of a pandemic-related moratorium on payments that is set to expire at the end of August. Not coincidentally, that is the deadline the president has set for making a decision on the matter. The pause on student loan payments – and a freeze on interest – has been in place since March 2020.that student loan servicing contractors have been told to not send billing statements.
Jean-Pierre said she did not have anything more to share on loan cancellation. The White House has previously indicated that it is coming near to a decision on broad student loan debt forgiveness. The administration has reportedly zeroed in on canceling $10,000 per borrower but has not yet reached a final decision.
The pause on student loan payments was first enacted in March 2020 near the beginning of the coronavirus pandemic under President Trump. It has been extended multiple times since. Nearly all of the cancellations through the Public Service Loan Forgiveness Program have come since last October, when the government temporarily relaxed the complex requirements. Before that, the program had rejected more than 90% of applicants, the Department of Education said in 2019.
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