Active Stocks
Tue Apr 16 2024 15:59:30
  1. Tata Steel share price
  2. 160.05 -0.53%
  1. Infosys share price
  2. 1,414.75 -3.65%
  1. NTPC share price
  2. 359.40 -0.54%
  1. State Bank Of India share price
  2. 751.90 -0.65%
  1. HDFC Bank share price
  2. 1,509.40 0.97%
Business News/ News / World/  Biden set to freeze student-loan repayments for four more months
BackBack

Biden set to freeze student-loan repayments for four more months

Amidst looming issue of student loans in the US, President Joe Biden is poised to announce a four-month extension of the moratorium on repaying student loan debt,

US President Joe Biden is set to announce $10,000 federal student loan cancellation. (AP)Premium
US President Joe Biden is set to announce $10,000 federal student loan cancellation. (AP)

President Joe Biden is poised to announce a four-month extension of the moratorium on repaying student loan debt, people familiar with the matter said, as part of a broader package that’s also set to include college debt forgiveness.

The long-anticipated effort to ease the burden on student borrowers is set to be unveiled Wednesday, according to people familiar with the timing. The latest loan repayment pause would run through Dec. 31 and would be the final one Biden backs, according to a person familiar with the matter. 

It’s the seventh freeze extension since the Covid-19 pandemic began in March 2020, and would take the pause beyond the November midterm elections, in which Democrats are hoping to stave off a loss of their slim House and Senate majorities. The latest pause in loan repayments is set to expire Aug. 31. 

The White House didn’t immediately respond to a request for comment. 

For several months, Biden has been weighing forgiving $10,000 per borrower in student debt and capping the relief at incomes of $125,000 to $150,000 a year. But advocates -- including progressive lawmakers, civil rights groups and labor leaders -- have pressured the White House to forgive higher debt-loads, arguing they are disproportionately carried by Black or lower-income students. 

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

This story has been published from a wire agency feed without modifications to the text.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 24 Aug 2022, 08:35 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App