Student Loan Servicers Instructed to Hold off on Billing Statements
The Wall Street Journal reports that student loan servicers contracted by the federal government were instructed to hold off on sending billing notices, prompting speculation that President Biden is considering extending the loan payment moratorium past the August 31 deadline. The freeze on student loan payments has been in place since March 2020. President Biden has also not made a decision regarding student loan forgiveness, receiving opposition from both Republicans and Democrats on this policy and raising concerns that the Department of Education could face significant challenges in implementing a broad student loan forgiveness program.