Biden Extends Student Loan Payment Pause & Cancels Some Debt

On Aug. 24, 2022, President Biden announced a short loan freeze through Dec. 31, 2022 as well as a cancellation of “up to $20,000 of federal student loan debt for Pell Grant recipients, and up to $10,000 for other qualifying borrowers.” The White House stated about 43 million borrowers would benefit from the cancellation, with 20 million borrowers qualifying to have their debt completely canceled.