August 16, 2022

White House announces decision on student loan debt elimination

The White House stated on Tuesday that President Biden is considering whether to extend the halt on federal student loan payments and whether to cancel student loans on a larger scale, according to The Hill.

The decision is expected to come down before a pandemic-related moratorium on payments that are scheduled to begin on August 31 comes to an end: “He’ll make a decision,” White House press secretary Karine Jean-Pierre said. “I’ll let him speak.”

She mentioned that last week, Biden informed reporters that his deadline for making a choice is “the end of August.” The current freeze on federal student loan payments and interest accrual was extended by Biden in April through the end of August.

“The president understands firsthand how burdensome this can be for many Americans โ€ฆ across the country,” Jean-Pierre said. “That’s why he took the action that he did when it came to pausing repayment.”

The press secretary stated that she had nothing else to add on the cancellation of the loan and when questioned about whether Biden would take executive action to forgive any amount of student loans, other White House representatives remained silent.

Brian Deese, a top economic advisor, stated on Tuesday that he had nothing new to say regarding student debt repayment plans and that “the president spoke to the timing on this issue.”

The government is still debating whether to extend the payment freeze, a Department of Education official said on Tuesday, adding that borrowers will be informed “personally” about the conclusion of the suspension.

“The Department of Education will continue to assess the impacts of the COVID-19 pandemic and the economy on student loan borrowers. We will communicate directly with borrowers about the end of the payment pause when a decision is made,” the spokesperson said.

The declaration comes in response to Monday’s Wall Street Journal revelation that student loan servicing companies had been instructed not to issue billing bills. The Department of Education had instructed businesses to refrain from sending out information regarding resumed payments before Biden announced the most recent extension in April.

Under President Trump, the suspension of student loan payments was first implemented in March 2020 and has since been extended several times. White House officials have previously said they are close to making a decision on a wide student loan debt forgiveness program, focusing on eliminating $10,000 of debt for each borrower, but they have not yet made a final choice.

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