President Biden Extends Student Loan Repayment Pause Until End of Year

President Biden made an announcement today on the student loan pause. The president announced that he will cancel $10,000 of federal student loan debt for certain borrowers making less than $125,000 per year and up to $20,000 for Pell Grant recipients. He is also extending the pause on federal student loan monthly payments through December 31st. The pause was set to end at the end on this month. His administration has already cancelled nearly $32 billion of the $1.6 trillion in outstanding federal student debt by expanding existing forgiveness programs for public-sector workers, disabled borrowers and students who were defrauded by for-profit colleges.