There’s a bit of a “boy-who-cried-wolf” feeling to the recent U.S. Department of Education announcement that student loan payments will restart this fall after being paused for the last three years as part of the COVID-19 pandemic-era relief.
That’s because the Biden administration issued nine extensions over the last two-and-a-half years.
But thanks to the recent debt-limit deal struck by the White House and congressional Republicans, the wolf is really there now, and the pause will be permanently lifted no later than Aug. 30. The Education Department said on its website that payments will be due starting in October.
That means around 40 million Americans with debt will have to start paying again, with a typical monthly bill of $350.
On Monday’s “Sound of Ideas,” we’ll talk about the state of student loans, including the pending Supreme Court decision on the legality of Biden’s plan to forgive up to $20,000 of federal loans. We’ll preview a community event happening this week that hopes to educate and help borrowers in Cleveland.
Later in this hour, we’ll meet some of this year’s Crains Cleveland Business Women of Note, including leaders in healthcare, civic service, and the arts.
Guests:
Rebecca Maurer, Cleveland City Councilmember, Ward 12
-Joshua Rovenger, Senior Attorney, Economic Justice Group, Legal Aid Society of Cleveland
-Winston Berkman-Breen, Deputy Director of Advocacy & Policy Counsel, Student Borrower Protection Center
-Gladisa Guadalupe, Co-founder and artistic director, Cleveland Ballet
-Jill Dietrich Mellon, Executive director and CEO, VA Northeast Ohio Healthcare System
-June Taylor, Chief performance and strategy officer, Western Reserve Area Agency on Aging
