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CBS News
Biden directs Department of Education to extend student loan payment freeze
By Kate Smith
January 21, 2021
In one of his first actions as president, Joe Biden on Wednesday
directed the Department of Education to extend the nearly year long
pause on student loan payments through September 30, delivering on the
new administration's campaign promise to prioritize and begin
addressing the nearly $1.6 trillion debt crisis.
Requesting a forbearance extension on federal student loans was among
17 executive actions Mr. Biden signed on his first day in office. Many,
including his action on student debt and and an extension on eviction
and foreclosure moratoriums, are aimed at relieving Americans from
economic burdens worsened by the coronavirus pandemic.
Since March, all federal student loan payments have been suspended as
part of the federal government's COVID-19 response. An extension of the
grace period was included in early drafts of December's stimulus
package, but was cut in final negotiations. Prior to Mr. Biden's
executive action, payments were scheduled to resume at the end of
January.
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