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Added on the 12/11/2020 21:02:23 - Copyright : Wochit
Sarah Silbiger for The Washington Post via Getty Images President-elect Joe Biden told newspaper columnists on Wednesday that he was “unlikely” to pursue a plan pushed by Sens. Chuck Schumer (D-N.Y.) and Elizabeth Warren (D-Mass.) to unilaterally wipe out billions of dollars worth of student loan debt. Schumer, the Democratic leader in the Senate, had teamed with Warren, a progressive rival-turned-ally of Biden’s, to press Biden on a proposal to eliminate up to $50,000 of student loan debt per borrower.
President Biden issued an executive order extending a pause on federal student loan payments. The order will cover the vast majority of all federal student loans. Under President Biden's direction, the pause will allow borrowers to defer payments without penalty and reset interest rates to zero. According to HuffPost, the pause will be in effect through at least the end of September 2021. A pause on payments initially went into effect in March 2020 due to the coronavirus pandemic. It was extended in December and was scheduled to expire on Jan.31
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