“We talk about this every day, and I can tell you that the American people will hear within the 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 provide further details, saying he would not make the announcement ahead of time. “I have no news to announce today,” he said. The White House has previously said Biden will have something to announce before the Aug. 31 deadline. No payments have 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 moratorium four times, most recently in April, arguing it was necessary to allow federal student loan borrowers to get back on their feet. debt per borrower, but the President has consistently pushed back against canceling that much. Along with the possible extension of the moratorium, the White House suggested that Biden is considering canceling $10,000 per borrower, excluding those making more than $125,000 a year — something he campaigned on in 2020. Biden has canceled more student loan debt than any other president, with his administration allowing the cancellation of nearly $32 billion in loans mostly for borrowers who were cheated out of their for-profit colleges and for borrowers with permanent disabilities. CNN’s Katie Lobosco and Veronica Stracqualursi contributed to this report.
