Student loan debt remains a major issue for many Americans. It is estimated that Americans collectively hold $1.7 trillion in student loan debt, and many people were struggling to meet their loan repayment obligations even before the pandemic hit.
HOUSTON, Texas At the request of President Joe Biden, acting Secretary of Education will extend the pause on Federal Student Loan payments and collections and keep the interest rate at 0% through Sept. 30.
The extension was announced Wednesday evening, days before the moratorium is set to expire at the end of this month . Too many Americans are struggling to pay for basic necessities and to provide for their families. They should not be forced to choose between paying their student loans and putting food on the table, a statement from the U.S. Department of Education read.
Biden s plan to help ease the student loan burden on many Americans includes a proposal to forgive at least $10,000 of it.