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In response to the economic disaster of COVID-19, the Biden administration implemented a temporary change to loosen regulations for student loan forgiveness, including pauses on payments among other breaks. Last month, The U.S. Department of Education indicated that they have already approved $8.1 billion in loan cancellations for around 200,000 students.
This initiative, however, is not permanent and is set to end in October with a return back to the original, highly restrictive regulations from before. That being said, Biden’s administration has suggested a possible extension which they plan to announce a decision on in the next coming weeks.
– Maya Kaplan, 360 Media, Inc.