Many people are wondering if they will have to pay back student loans after the latest extension looms near.
President Joe Biden extended the pause on repaying student loan debt to August 31st, but his administration hasn't said if another extension is on its way.
"I’ve had to take student loans out since i was a freshman thankfully they've been postponed so I haven't had to pay anything yet," Central Connecticut State University summer student Ryan Coppola said.
With the possibility of this extension being the last, Coppola added, "It makes me feel like I'm gonna have to live at my parent's house forever because I'm never gonna be able to afford to move out.”
In April, Biden extended the deadline for a second time following the Trump administration, who began the pause in March of 2020 by signing the CARES Act. It halted payments through September 2020 and froze interest accumulation.
Trump then took executive action and extended the deferral period another 10 months.
Experts say another extension is a possibility as the Biden administration considers canceling a portion of student loan debt based on a person's income.
"This may have something to do with this being a play at the plate where they're gonna pass something in the 11th hour that will perhaps extend this out a little bit further, you know, it's TBD," Matthew Carbray, managing principal of Ridgeline Financial Partners in Avon, said.
Kaitlyn Lyons, a student-turned physical education teacher at CCSU said she tried her hardest to work two jobs and make enough money to get through the semesters, but she knows her debt hasn't disappeared and it's just weighing over her head.
"It's gonna have more interest as the years go on, it's just something that is very stressful, especially when you're gonna have other things to pay like rent, car payments, just things like that," she said.
On Monday, the Wall Street Journal reported the federal government has told loan servicers not to contact borrowers about resuming payments.
A White House official responded saying, “no decision has been made" about whether to extend it again.
The official said Biden will make a decision before Aug. 31. In the past, the White House has indicated that Biden was open to canceling $10,000 for borrowers under a certain income, but nothing has been announced.
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