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The Biden administration is stepping in to make sure student debtors aren’t caught off guard. We’ll also look at the Supreme Court’s ruling on former President Trump’s tax returns and the impact of inflation on Thanksgiving.
But first, take a look at the seven Republicans most likely to challenge Trump for the GOP nomination.
Welcome to On The Money, your nightly guide to everything affecting your bills, bank account and bottom line. For The Hill, we’re Sylvan Lane, Aris Folley and Karl Evers-Hillstrom. Someone forward you this newsletter? Student loan payment paused until June 2023
The Biden administration on Tuesday extended the pandemic-era federal student loan payment pause and interest accrual until no later than June 2023 while the administration faces legal challenges to its debt forgiveness plan.
“I’m confident that our student debt relief plan is legal. But it’s on hold because Republican officials want to block it,” President Biden said in a statement. “That’s why @SecCardona is extending the payment pause to no later than June 30, 2023, giving the Supreme Court time to hear the case in its current term.”
The background: The latest extension into next year will give the Supreme Court time to decide whether it will rule on allowing the program to continue.
The payment pause will end “no later than June 30, 2023,” Biden said, because payments will resume 60 days after the Education Department is permitted to implement the program or the litigation is resolved, which should come before the end of June, when the Supreme Court term typically concludes.
Loan payments were first put on hold in March 2020 under former President Trump at the start of the COVID-19 pandemic to give individuals relief from paying their student loan bills.
The Hill’s Alex Gangitano has the latest here.
