Student loans: Education secretary says announcement will come in ‘next week’ as August deadline approaches
“We talk about it daily, and I can tell you that the American people will be hearing by about next week from the president and the Department of Education about what we’re going to do around this,” Cardona told NBC. Chuck Todd on “Meet the Press”.
He did not elaborate on specifics, saying he would not preempt the announcement.
“I have no news to report today,” he said.
The White House previously said Biden would have something to announce before the August 31 deadline.
Payments have not been required on most federal student loans since March 2020, when the Covid-19 pandemic hit the United States, significantly affecting the economy.
In addition to potentially extending the pause, the White House has suggested Biden consider waiving $10,000 per borrower, excluding those earning more than $125,000 a year — something he campaigned on in 2020. .
Biden has forgiven more student loan debt than any other president, with his administration authorizing the cancellation of nearly $32 billion in loans largely for borrowers who were defrauded by their for-profit colleges and for borrowers with disabilities for life.
CNN’s Katie Lobosco and Veronica Stracqualursi contributed to this report.