Is student debt forgiveness no longer available? Here are US President Joe Biden's remaining alternatives

Borrowers' hopes for relief are on wait as the federal courts deliberate US President Joe Biden's plan for universal student loan forgiveness. The moratorium on new student loan debt is set to expire in 2023, and borrowers are worried that they may have to start making payments then, even if they don't get any more debt relief while the legal battle plays out.

The White House and the Department of Education have both been mum on whether or not they plan to extend the payment moratorium or whether or not they are considering using the President's unilateral ability to forgive student loan debt altogether.

While acknowledging the high price tag, Education Department Undersecretary James Kvaal assured the public that the government was "exploring all possible options" to find a solution.


The President has the power to extend the moratorium on repaying student loans.



While federal authorities have said that the most recent extension would be the last, the administration may opt to extend the payment block once more.

Donald Trump, then-president, temporarily stopped payments in March 2020. The embargo also directed loan servicers not to pursue the collection of overdue payments and froze interest rates at 0%.

FAQs:

1. What is a student loan?
   You may get a student loan from the federal government or private lenders to help cover higher education costs.
2. Who is the current President of the USA?
   Joe Biden.