"We haven't made a decision yet," White House press secretary Karine Jean-Pierre said earlier this week, CNN reported Thursday. "The Department of Education will communicate directly with borrowers about the end of the payment pause when a decision is made."
She emphasized that Biden would be making an announcement "before August 31," but did not say what the announcement will involve, telling reporters that Biden "understands firsthand the burden that a student loan has on families" and that "we're just going to continue to assess our options for cancellation."
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However, the federal student loan repayment stall will die out in less than three weeks after Biden has extended the moratorium four times since taking office. The payments have been frozen on most student loan accounts since pandemic lockdowns started in March 2020, with collections on debt and accumulating interest being put on hold.
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Meanwhile, Biden will be spending several days on vacation between now and the end of the month, and there is no sign that a decision on student loan payments will be made during that time.
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The White House, meanwhile, has claimed that the president is considering the cancellation of $10,000 per borrower, who must earn less than $125,000 a year to qualify.
Normally, loan servicers send out billing statements at least 21 days before a payment is due, but those haven't gone out yet since Biden is still making up his mind.
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Scott Buchanan, executive director of the Student Loan Servicing Alliance, told CNN that for several weeks, servicers had been told to hold off any mailings concerning resuming loan payments, and that has not changed.v
Biden also has not been able to get Congress to support most of his proposals on making college affordable, including through the recent Inflation Reduction Act, which did not include provisions that had been proposed to lower the cost of college.
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Meanwhile, there are targeted debt forgiveness programs, which were temporarily expanded under Biden, and so far, since he took office, more than 1.3 million borrowers have been able to obtain cancellation agreements, totaling $26 million.
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As the payment halt deadline nears, Natalia Abrams, the President, and founder of the Student Debt Crisis Center called on the President to meet with borrowers.
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"We've seen the same reports. ... The meeting states that it was with White House officials, organizations and advocates, but what we feel was missing is that we have yet to see the administration and President Biden have a meeting with borrowers themselves," Abrams said.
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