Will President Biden extend the current pause on student loan payments?

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FILE - President Joe Biden speaks in the South Court Auditorium on the White House complex in Washington, April 28, 2022. Biden needs to make a decision about cancelling student debt. For student loan activists, the past week began with hope as Biden gave his clearest indication that he was considering canceling federal debt rather than simply allowing borrowers to defer payments during the pandemic. But that soon gave way to disappointment when Biden signaled days later that any debt relief would be much less than activists wanted. (AP Photo/Susan Walsh, File)
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Will President Joe Biden extend the current pause on paying student loans? It’s a major crisis that needs to be addressed, and many are wondering what exactly he’s going to do. According to the White House, he will make a decision “very soon.” And he will have to, because the COVID-related pause on payment is set to end on August 31.

Millions are also waiting to see if the president will forgive some or all student loans through executive action. Various reports say there could be a $10,000 forgiveness offered, but nothing official has come directly from President Biden. The Wall Street Journal reported this week that student loan servicing contractors have been told not to send out billing statements, a sign that the president may at least for now extend the pause on payments.

Black and African American college graduates owe on average $25,000 more in student loan debt than white college graduates.


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