After months of speculation over whether President Biden will pause or cancel student loan debt, a verdict was reached on August 25th after the President addressed the issue stating that the student loan forgiveness will be paused for another 4 months until December 30th. After which the President mentioned that students will need to start repaying outstanding pandemic-era student loans come January 2023.
Addressing the media from the White House, President Biden stated that using the authority Congress granted the Department of Education, his administration will look to wipe out at least $10,000 in outstanding federal student loans for the working and middle class - especially for those earning less or under $125,000 a year.
