Biden is expected to announce student-loan forgiveness in the next 3 weeks, but the White House says he's not 'ready' to make that decision yet

Biden previously said he would announce student loan easing before August 31.
Press sec. Karine Jean Pierre said he wasn't "ready" to announce those plans just yet and would stick to his schedule.
Borrowers continue to await both the announcement of debt relief and an extension of the payment pause.
With the potential for broad student loan relief and an extension of the payment pause, August is a high-stakes month for millions of federal borrowers.
But it seems President Joe Biden is not yet ready to announce the relief he will bring.
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Biden said last month he would give himself until August 31 to decide on a sweeping student loan forgiveness, which would also include restarting debt payments. He's reportedly considering a $10,000 relief for borrowers earning less than $150,000 a year, and while Secretary of Education Miguel Cardona promised borrowers "adequate notice" of any changes to their balances, August is almost without an update halfway through.
White House press secretary Karine Jean-Pierre told reporters Tuesday that Biden was sticking to his "late August" schedule.
"We are still at the beginning and are approaching mid-August," said Jean-Pierre. "So if he's ready to make that decision, we'll let you know."
She added that “The President understands how student loans can affect a family and how the pressure of it can be really great and take a toll on a family's wallet or financial situation. So we understand. He's going to make that decision, and if he has something to say, we'll share it."
Lawmakers, advocates, and student loan institutions themselves have criticized the uncertainty surrounding student loan payments. There is speculation that Biden will extend the payments pause for a fifth time during the pandemic after the Department of Education recently ordered lending companies to stop reporting payments resuming.
But lawmakers on both sides of the aisle have requested information on how the department will efficiently implement student loan relief, and while the department itself has not confirmed any information, Politico recently received a memo detailing the department's plans for implementing debt relief over the past few months , after Biden signed off.
Nevertheless, borrowers have little time to prepare themselves financially. Scott Buchanan, the executive director of the Student Loan Servicing Alliance -- a trade group that represents government student loan providers -- previously told Insider that companies should have been communicating with borrowers "a month ago."
"And this has to happen," he said. "At that point, payments will resume on September 1st pending different guidance from the White House."
And while Republican lawmakers are redoubling criticism of the broad relief — three of them recently introduced legislation that would bar Biden from wide-ranging lending — some proponents want the president to use this opportunity to make it big and get as many borrowers as he can possible to achieve.
NAACP President Derrick Johnson wrote a letter to Biden in July urging him not only to extend the payment freeze, but to forgive at least $50,000 in student debt.
“The American people are concerned. Voters are worried. Your base is concerned. Prolonging the freeze will only add to the fear millions of Americans are feeling," Johnson wrote. "Therefore, any extension must be accompanied by a meaningful termination," he added. "We urge you to cancel at least $50,000 because black borrowers — who are drowning in an average of $53,000 in student debt — have virtually no realistic way to repay it in today's unjust economy."
Read the original article on Business Insider
Karine Jean Pierre
American commentator, White House press secretary

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