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ARTICLE · 06 OCTOBER 2022

Biden-Harris Administration Announces Debt Cancellation, Other Changes To Student Lending Program

Venable LLP
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On August 24, 2022, the U.S. Department of Education (the Department) announced an extension of the pause on student loan repayment, student debt cancellation, a new income-driven repayment plan, and proposed changes to the Public Service Loan Forgiveness program.

United StatesFinance and Banking
Sarah Donovan
Sarah Donovan
Doreen Martin
Doreen Martin
Samuel Olchyk
Samuel Olchyk

On August 24, 2022, the U.S. Department of Education (the Department) announced an extension of the pause on student loan repayment, student debt cancellation, a new income-driven repayment plan, and proposed changes to the Public Service Loan Forgiveness program.

Extension of Student Loan Payment Pause

The Department announced an extension of the pause on student loan repayment, interest, and collections through December 31, 2022. The Department said borrowers should plan to resume payments in January 2023, as this will be the final extension. Note that administration officials stated the extension that ended on January 31, 2022 would be the "final" extension of student loan relief, but the pause has been extended several times since.

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