CNN

Student loan announcement to come in ‘next week or so,’ Education secretary says ahead of deadline

Aug 21, 2022, 1:00 PM | Updated: Aug 23, 2022, 3:22 pm

Student loan debt and money...

The Levy Institute believes that eliminating student debt would actually increase the US GDP. (Photo: Shutterstock)

(Photo: Shutterstock)

(CNN) — US Education Secretary Miguel Cardona said Sunday that Americans can expect a decision from the Biden administration on student loans in the “next week or so” as a pause on federal student loan payments is set to expire on August 31.

With some 10 days to go, Americans have been left guessing whether President Joe Biden will extend the current moratorium or, perhaps, forgive some of their debt. 

“We’ve been talking daily about this, and I can tell you the American people will hear within the next week or so from the President and the Department of Education on what we’re going to be doing around that,” Cardona told NBC’s Chuck Todd on “Meet the Press.”

He did not elaborate on the details, saying he would not get ahead of the announcement.

“I don’t have any news to announce today,” he said.

The White House has previously said that Biden will have something to announce ahead of the August 31 deadline.

Payments have not been required on most federal student loans since March 2020, when the Covid-19 pandemic hit the US, greatly affecting the economy.

Biden has extended the pause four times, most recently in April, arguing that it was necessary to allow federal student loan borrowers to get back on their feet.

Meanwhile, Democratic lawmakers and advocates have been urging Biden to broadly cancel up to $50,000 in student loan debt per borrower, but the President has consistently pushed back on canceling that much.

Along with potentially extending the pause, the White House has suggested Biden is considering canceling $10,000 per borrower, excluding those who earn more than $125,000 a year — something he had campaigned on in 2020.

Biden has canceled 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 permanently disabled borrowers.

We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team here.

CNN

Soldiers carry the coffin of Ukrainian poet and serviceman Maksym Kryvtsov who was killed in action...

Stephanie Halasz and Ivana Kottasová, CNN

Zelensky warns ‘millions will be killed’ without US aid to Kyiv, as Ukrainian troop deaths reach at least 31,000

“Millions” could die in Ukraine’s war with Russia if US lawmakers don’t approve President Joe Biden’s $60 billion aid request.

1 day ago

Kathy Brandel and her husband of 27 years, Ralph Hendry...

Sharif Paget, Chris Boyette and Polo Sandoval, CNN

Family of Americans believed dead after yacht allegedly hijacked in Grenada describe scene of violence

The family of two Americans who may have been killed in an alleged yacht high jacking in Granada hope the couple might be found alive.

1 day ago

Police tape drapes the crime scene on a trail behind Lake Herrick at the University of Georgia in A...

Ashley R. Williams, Raja Razek, Priscilla Alvarez, Isabel Rosales and Jaide Timm-Garcia, CNN

Questions remain in investigation of death of Augusta University student found on UGA campus

As the investigation continues into the death of an Augusta University student, officials confirmed the immigration status of a suspect.

1 day ago

Kenneth Mitchell, here in 2018, has died....

Megan Thomas, CNN

Kenneth Mitchell, ‘Star Trek’ and ‘Marvel’ actor, dead at 49

A native of Canada, Mitchell acquired more than 50 film and television credits over the course of his acting career. He was diagnosed with ALS in 2019.

2 days ago

Charles E. Escalera, 21...

Michelle Watson and Maria Sole Campinoti, CNN

Kentucky man arrested in connection with death of Campbellsville University student

A man has been arrested in connection with the death of a student at Campbellsville University in Kentucky.

2 days ago

Former President Donald Trump walks on stage during the 2024 NRB International Christian Media Conv...

Fredreka Schouten, CNN

Wisconsin ethics panel recommends criminal prosecution for a Trump fundraising committee

A Wisconsin ethics panel is recommending that prosecutors pursue charges against one of Donald Trump’s fundraising arms.

3 days ago

Sponsored Articles

Mother and cute toddler child in a little fancy wooden cottage, reading a book, drinking tea and en...

Visit Bear Lake

How to find the best winter lodging in Bear Lake, Utah

Winter lodging in Bear Lake can be more limited than in the summer, but with some careful planning you can easily book your next winter trip.

Happy family in winter clothing at the ski resort, winter time, watching at mountains in front of t...

Visit Bear Lake

Ski more for less: Affordable ski resorts near Bear Lake, Utah

Plan your perfect ski getaway in Bear Lake this winter, with pristine slopes, affordable tickets, and breathtaking scenery.

front of the Butch Cassidy museum with a man in a cowboy hat standing in the doorway...

Bear Lake Convention and Visitors Bureau

Looking Back: The History of Bear Lake

The history of Bear Lake is full of fascinating stories. At over 250,000 years old, the lake has seen generations of people visit its shores.

silhouette of a family looking over a lake with a bird in the top corner flying...

Bear Lake Convention and Visitors Bureau

8 Fun Activities To Do in Bear Lake Without Getting in the Water

Bear Lake offers plenty of activities for the whole family to enjoy without having to get in the water. Catch 8 of our favorite activities.

Wellsville Mountains in the spring with a pond in the foreground...

Wasatch Property Management

Advantages of Renting Over Owning a Home

Renting allows you to enjoy luxury amenities and low maintenance without the long-term commitment and responsibilities of owning a home.

Clouds over a red rock vista in Hurricane, Utah...

Wasatch Property Management

Why Southern Utah is a Retirement Paradise

Retirement in southern Utah offers plenty of cultural and recreational opportunities. Find out all that this region has to offer.

Student loan announcement to come in ‘next week or so,’ Education secretary says ahead of deadline