Nationwide Pause On Student Loan Debt Set To Expire, Biden Officials Expected To Update Borrowers Soon

Education Secretary Miguel Cardona said Sunday that the Biden administration would announce in the next ten days whether or not the nationwide pause on federal student loan payments and interest accrual that went into effect two and half years ago would extend or expire.

During an appearance on NBC’s “Meet the Press,” Cardona told host Chuck Todd that the administration knows “many people are waiting to hear something” about the Aug. 31 deadline on the current moratorium, which began under the Trump administration at the start of the COVID-19 pandemic and has since been extended several times.

“We’ve been talking daily about this, and I can tell you the American people will hear within the next week or so,” Cardona said.

Cardona said the administration had already relieved over $10 billion of student debt for 1.6 million borrowers under the Public Service Loan Forgiveness program, which includes government organizations at any level.

“Public Service Loan Forgiveness was broken,” he said. “We fixed it so that our teachers or nurses can get loan forgiveness right away.”

Cardona said the administration has focused on ensuring it would protect students and borrowers from day one. Since taking on the previous administration’s pause, the Biden administration has forgiven approximately $32 billion in student loans, many of whom attended schools that went bankrupt or faced litigation for misleading students and fraudulently conducting business.

Last week, the…

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