On Wednesday, the U.S. Department of Education announced the largest single loan forgiveness action taken by the government to date.
The federal student loan pause will likely be extended through the end of 2022
White House officials are zeroing in on canceling $10,000 for all borrowers who earn less than $150,000 per year,In April, the Department of Educationon student loan repayment, interest and collections through Aug. 31, 2022, but Michelle Dimino, a senior education policy leader at Third Way, predicts the payment pause will be extended yet again through the end of the year, at least until after the midterm elections.
Cardona and other top Biden officials have also made it clear that they are comfortable extending the pause during interviews."We're going to continue to monitor it," Cardona told in April."Right now, we have August 31 and as you've seen in the past, we've been comfortable moving that date if needed."In the meantime, however, Dimino expects that more defrauded borrowers will see their debt canceled or reduced soon, especially those with pending borrower defense claims or who qualify for a, which means your school closed while you were enrolled, or you couldn't complete your program because of the closure.
"The one thing we can, and do, expect from this administration at this point is a continued, concerted effort to help borrowers who are struggling the most and provide targeted relief," Dimino adds."The Department of Education is really charging ahead to get through that backlog of defrauded borrowers and give them the overdue relief that they're entitled to."
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