The current pause on student loan payments expires Aug. 31 but is expected to be extended.
President Joe Biden is considering forgiving $10,000 in student loan debt per borrower and extending the current pause on repayments, according to published reports.reported Biden’s payment pause could extend either through the end of 2022 or until next summer. The current moratorium on student loan payments expires Aug. 31.
Debt forgiveness could follow but the exact amount is unclear and will likely fall short of the $50,000 per borrower civil rights organizations have advocated. Debt forgiveness will probably include some form of caps between $125,000 to $150,000 in annual income to target lower income earners. The pause on student loan repayments were first scheduled to resume May 1 after being halted since early in the COVID-19 pandemic. That deadline was later pushed back to the end of August.
The action applied to more than 43 million Americans who owe a combined $1.6 trillion in student debt held by the federal government and includes more than 7 million borrowers who have defaulted on student loans, meaning they are at least 270 days late on payments.
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