Biden Administration Discussing Extending Student Loan Repayment Pause

The Biden Administration is facing a deadline to decide whether or not to push back the restart date for federal student loan repayment. If delayed again, it would be the seventh time the date has been rescheduled since the pause on payment and freeze on interest that was put in place in the early days of the Coronavirus pandemic. According to a spokesperson, the ‘Department of Education will continue to assess the impacts of the Covid-19 pandemic and the economy on student loan borrowers.’ Currently payments are set to resume after August 31st. President Biden is also considering whether to take executive action to forgive a portion of the balances for 43 million people with outstanding federal student loan debt. He recently said that the ‘end of August’ will be his deadline for making that decision.