You Can Expect an Announcement on Student Loans as Soon as Next Week

Biden’s education secretary says borrowers will hear from the administration before August 31.

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With about 10 days remaining until federal student loan payments are scheduled to resume, borrowers can expect an announcement from the Biden administration on student debt before the end of the month, Education Secretary Miguel Cardona told CBS News’ Meet the Press on Sunday.

Student loan payments have been on hold since March 2020, when President Donald Trump authorized the pause as a form of pandemic relief. Since Joe Biden took office, he’s extended the moratorium four times, most recently until August 31. Meanwhile, the White House is considering canceling some student debt.

“We know August 31 is a date that many people are waiting to hear something from,” Cardona told CBS News’ Chuck Todd. “We’ve been talking daily about this, and I can tell you that the American people will hear within the next week or so.”

“Is it fair to say it won’t be nothing?” Todd interjected.

“Well, I don’t have any news to announce today, Chuck,” Cardona said. “But I will tell you the American people will hear directly from us.”

As my colleague Hannah Levintova has reported, activists have been pushing for student debt forgiveness for about a decade, and the idea has become increasingly popular in recent years. As a candidate, Joe Biden pledged to cancel up to $10,000 in student debt per borrower, while progressive Democrats have pushed for up to $50,000. But since taking office, he’s been slow to act. Earlier this month, Press Secretary Karine Jean-Pierre said the White House was continuing to “assess our options” on broad student loan cancellation.

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