Millions of borrowers are awaiting to hear whether President Joe Biden will extend the pause on federal student loan payments, which is set to expire August 31,or possibly forgive any of their debts, the CNN website reports today (August 21, 2022).
Borrower balances have been frozen since the beginning of the COVID-19 pandemic, with no payment required on most federal student loans since March 2020.
"I can tell you the American people will hear within the next week or so from the President and the Department of Education of what we're going to be doing around that,"said U.S. Education Secretary Miguel Cardona.
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