Clock is ticking for Biden to make key decisions on student loans

With less than three weeks to go until the federal student loan repayment pause expires, millions of borrowers are still in the dark about whether President Joe Biden will extend the current payment moratorium or possibly forgive any of their debts.

Borrower balances have effectively been frozen for more than two years, with no payments required on most federal student loans since March 2020 – when the coronavirus pandemic sent many Americans into lockdown. During this time, interest stopped accumulating and collections on defaulted debt have been on hold.

Now, as borrowers’ fates hang in the balance, the President is set to spend several days