HomeNewsBiden extends student loan payment pause as debt relief plan remains on...

Biden extends student loan payment pause as debt relief plan remains on hold

The Biden administration introduced Tuesday that it might prolong the fee pause on federal scholar loans, as President Joe Biden’s debt cancellation plan stays blocked in court docket.

The fee pause, which was beforehand set to run out in January, will likely be prolonged till June 30 or till the litigation is resolved — whichever comes first. If the litigation has not been resolved by June 30, funds will resume 60 days after that.

“I’m fully assured that my plan is authorized,” Biden mentioned in a video announcement. “Nevertheless it isn’t truthful to ask tens of thousands and thousands of debtors eligible for aid to renew their scholar debt funds whereas the courts contemplate the lawsuit.”

Biden in August introduced he would cancel as much as $20,000 in debt per eligible borrower, however the transfer was rapidly met with authorized challenges.

The Biden administration final week requested the Supreme Court docket to reinstate the mortgage forgiveness plan after it had been blocked by a federal appeals court docket.

Biden mentioned that the brand new June 30 deadline for scholar mortgage funds to renew would give the Supreme Court docket sufficient time to listen to the case.

This can be a creating story. Please test again for updates.

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