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For many young people, this week could be a turning point

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News Politics: “In the coming week or so.” At that time, US Secretary of Education Miguel Cardona stated that the Biden administration will make a decision about student loans.
Millions of borrowers are eagerly awaiting word from President Joe Biden on whether he will prolong the moratorium on federal student loan payments, which is due to end on August 31, or perhaps even cancel some of their loans. Recall that since the start of the Covid-19 epidemic, borrower balances have essentially been frozen, and that most federal student loans have not required payments since March 2020.

But that’s not all. Democratic lawmakers and advocates have also been calling on Biden to broadly cancel up to $50,000 in student loan debt per borrower, although the President has said he would not consider that number.

We’ve been talking daily about this, and I can tell you the American people will hear within the next week or so from the President and the Department of Education on what we’re going to be doing around that,” Cardona told NBC’s Chuck Todd on “Meet the Press.”He did not elaborate, saying he would not get ahead of the announcement. “I don’t have any news to announce today,” Cardona said.

Instead, along with potentially extending the pause, the White House has suggested Biden is considering canceling $10,000 per borrower, excluding those who earn more than $125,000 a year, which is something he campaigned on in 2020.

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