WASHINGTON — President Joe Biden is expected to roll out a student loan relief plan in the coming weeks as he faces increasing pressure from congressional Democrats — including Sen. Chuck Schumer — to act before a moratorium on federal student loan payments expires for millions of borrowers in August.
Biden has said he hopes to unveil a plan “in the next couple of weeks,” but has repeatedly emphasized he is “not considering” the up to $50,000 in loan forgiveness pushed by Schumer (D-N.Y.). Instead, White House officials have signaled that any plan that emerges will likely be closer to the $10,000 in relief Biden pledged as a presidential candidate.
Before stepping down, former White House Press Secretary Jen Psaki said officials were looking to finalize a plan before a pause on student loan payments expires on Aug. 31. Meanwhile, borrowers who have had a two-year reprieve from paying their federal student loans because of the pandemic, are anxiously waiting on news.
Leigh-Ann Barde, a married mother of four sons from Central Islip, said she owes $48,000 in student loan debt that she has not had to pay since Congress enacted a pause on payments in March 2020 at the onset of the pandemic. Barde said the absence of monthly payments has allowed her family to use the money for the expenses that come with a household of children ages 5 to 13.read more