Biden Admin to Extend Pause on Student Loan Interest and Collections

Biden Admin to Extend Pause on Student Loan Interest and Collections

Biden Admin to Extend Pause on , Student Loan Interest and Collections.

White House press secretary Jen Psaki announced the extension during Tuesday's press conference.

The pause on collections will affect over a million borrowers who have loans in default through private lenders.

This step particularly protects 800,000 borrowers who are at risk of having their tax refunds seized, Jen Psaki, White House press secretary, via CNN.

Calls from prominent Democratic senators to forgive $50,000 of federal student debt for every borrower have been curbed by President Joe Biden.

Top legal experts indicate that Biden does have the power to cancel student loan debt through executive order and the Department of Education.

Biden has indicated his support for some form of student debt relief but prefers legislative changes rather than executive orders so that they last.

There's a lot of steps we're looking at and we'll continue to review those and be in touch of course with Leader Schumer about our process, Jen Psaki, White House press secretary, via CNN