President Joe Biden is considering extending a pause on student loan repayments for several more months, as well as forgiving $10,000 in student loan debt per borrower, Bloomberg News reported. The current moratorium on student loan payments expires Aug. 31, and a fresh pause could extend either through the end of 2022 or until next summer. Biden told reporters last week that he hoped to decide on an extension by the end of August. Debt forgiveness may follow the extension, but the president hasn’t reached a final decision on either move, the people said. The president is intent on ensuring any student loan forgiveness doesn’t benefit high-income people, so the administration is likely to cap eligibility somewhere between $125,000 and $150,000 in annual income. Biden has neared a decision on student loan forgiveness at least three times in the last several months, according to one Democrat close to the White House. Yet concerns about escalated inflation have complicated the discussions, preventing Biden and his top aides from moving forward with an announcement.
