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Will President Biden extend the pause on student loan payments?

(CBS News) — The pause on federal student loan payments is set to expire at the end of this month, but despite the looming deadline, millions of Americans do not have guidance as to whether those payments will actually resume for the first time in more than two years.

Federal student loan payments have been on hold for roughly 40 million Americans since the beginning of the coronavirus pandemic. Interest on those loans has also been set at zero percent for the duration of the pause.

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Most recently, the Biden administration in April extended the pause through August 31. At the time, the White House said the president would make a decision about canceling student loan debt before the pause expired or it would be extended.

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“It’s an unforced error to be adding more uncertainty to the lives of student loan borrowers at a time where I feel like that word is just defining so much of our experience as workers, as consumers,” said Cody Hounanian of the Student Debt Crisis Center.

Student Loan Servicing Alliance Executive Director Scott Buchanan said the Education Department told student loan servicers to hold off on communications to borrowers regarding the date payments would resume right now.

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