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“We have been speaking day by day about this, and I can inform you the American individuals will hear inside the subsequent week or so from the President and the Division of Schooling on what we’ll be doing round that,” Cardona instructed NBC’s Chuck Todd on “Meet the Press.”
He didn’t elaborate on the main points, saying he wouldn’t get forward of the announcement.
“I haven’t got any information to announce at present,” he mentioned.
The White Home has beforehand mentioned that Biden can have one thing to announce forward of the August 31 deadline.
Funds haven’t been required on most federal pupil loans since March 2020, when the Covid-19 pandemic hit the US, enormously affecting the financial system.
Together with probably extending the pause, the White Home has recommended Biden is contemplating canceling $10,000 per borrower, excluding those that earn greater than $125,000 a yr — one thing he had campaigned on in 2020.
Biden has canceled extra pupil mortgage debt than another president, together with his administration authorizing the cancellation of almost $32 billion in loans largely for debtors who had been defrauded by their for-profit faculties and for completely disabled debtors.
CNN’s Katie Lobosco and Veronica Stracqualursi contributed to this report.
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