Biden to extend student loan hiatus and moratorium on evictions on day one
Hours after being sworn in as president, Joe Biden will sign a series of executive orders aimed at providing immediate financial relief to Americans struggling due to the coronavirus pandemic.
Biden will extend a now-expired moratorium on some evictions through the Centers for Disease Prevention and Control until the end of March.
The original deportation moratorium put in place by the CDC applied to people earning less than $ 99,000 in 2020 (or couples earning less than $ 198,000).
Biden will also ask federal agencies, including the Department of Housing and Urban Development, to extend foreclosure moratoria on federally guaranteed mortgages until the end of March.
Biden will also extend forbearance on federal student loans (not private loans) until the end of September, meaning borrowers will not accumulate interest or be required to make payments.
Payments on federal student loans have been on hold since March and were originally scheduled to resume in late January.
14 million. That’s the number of people behind on their rent in December, according to Census Bureau data.
The top Democrats, including the new Senate Majority Leader Chuck Schumer (DN.Y.), are to push Biden will use his new executive branch to write off up to $ 50,000 in federal debt student loan borrowers. Biden has not indicated he will use an executive order to do so, but his team has said he will push Congress to pass a law $ 10,000 cancellation indebted to federal borrowers, a major pledge of his campaign.
What to watch out for
In addition to the executive orders he will sign on Wednesday and in the coming days, Biden will push Congress to pass a $ 1.9 trillion stimulus package containing much broader relief measures, including another round of direct payments. and further improvement in federal unemployment insurance.