The federal moratorium on student loan repayments has been extended through June 30, 2023, President Joe Biden announced on Tuesday.
Biden expressed confidence that his plan is legal, pledging that "we're not going to back down" on their attempts to provide student debt relief, but said that "it's not fair" to ask millions of Americans to repay student loans as the challenges play out in court.
"Payments will resume 60 days after the pause ends," Biden said, adding: "I'm never going to apologize for helping working-class and middle-class families recover from the economic crisis created by the pandemic, and I'll continue working to make government work to deliver for all Americans."have had their applications for student debt forgiveness approved. To date, more than 26 million have applied, the White House said in a fact sheet on Tuesday.
"Callous efforts to block student debt relief in the courts have caused tremendous financial uncertainty for millions of borrowers who cannot set their family budgets or even plan for the holidays without a clear picture of their student debt obligations, and it’s just plain wrong," Education Secretary Miguel Cardona said in a statement on Tuesday.
The Biden administration has said about 40 million people could be eligible for student debt relief. Americans qualify for the program if they make less than $125,000 per year. Many will get up to $10,000 in forgiveness, while people who took a Pell grant during school are eligible for up to $20,000.
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