Biden’s request for the $ 10,000 scholar mortgage to be forgiven, not within the stimulus bundle
President-elect Joe Biden dons a mask after receiving his second dose of Pfizer / BioNTech COVID-19 vaccination at ChristianaCare Christiana Hospital on January 11, 2021 in Newark, Delaware.
Alex Wong | Getty Images
Senior officials in the new Biden administration say the president-elect continues to support $ 10,000 debt relief per borrower, despite no mention in his draft of a $ 1.9 trillion stimulus package unveiled Thursday that the loans will be canceled.
There is also no indication of the extension of the payment hiatus and interest waiver for student borrowers, which are expected to expire this month. An administration employee said last week that Biden would give borrowers more time before they have to resume payments.
The vast majority – or around 90% – of federal student loan borrowers took advantage of the government’s opportunity to suspend their payments during the pandemic, data shows.
In a recent Pew survey, 6 in 10 borrowers said they would find it difficult to repay their student loan bills in the coming month.