Biden extends pause on federal student loan repayments

The Biden administration is planning to extend the pause on federal student loan repayments to August 31.

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The extension was originally scheduled to expire on May 1.

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The repayment freeze has been effective since the beginning of the pandemic in March 2020.

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Balances have been frozen for over 2 years and interest has stopped adding up.

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Collections on defaulted debt have been on hold as well.

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Democratic lawmakers have been pushing to cancel up to $50,000 of student loan debt per borrower.

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Biden has instead urged to pass legislation that cancels $10,000 per borrower.

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The Department of Education said borrowers will receive a billing statement 21 days prior to the due date.

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