BREAKING: The pause had been scheduled to end Dec. 31, 2022, but it was supposed to be accompanied by mass debt relief. Payments will resume 60 days after the end of the pause, Biden said.
President Joe Biden officially kicked off the application process for his student debt cancellation program, announcing that 8 million borrowers had already applied for loan relief during the federal government's soft launch over the weekend. WASHINGTON — The White House is extending the pause on student loan payments until as late as June 30, 2023, President Joe Biden said Tuesday, as his plan for wider student loan debt forgivenessThe pause had been scheduled to end Dec.
In the video message Biden slammed “Republican special interests” that have successfully sued to halt his administration’s student debt cancellation program. The administrationMore:“It isn't fair to ask tens of millions of borrowers eligible for relief to resume their student debt payments while the court considers a lawsuit,” Biden said. “I'm never going to apologize for helping working-class and middle-class families recover from the economic crisis created by the pandemic.
"I want borrowers to know that the Biden-Harris Administration has their backs and we’re as committed as ever to fighting to deliver essential student debt relief to tens of millions of Americans," Education Secretary Miguel Cardona said. The moratorium was first enacted under former President Donald Trump in March 2020, at the start of the coronavirus pandemic. In addition to waived payments, interest rates for federal student loans have been set at zero percent and loan servicers have stopped attempting to collect overdue debts.
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