WASHINGTON — Federal government contractors servicing student loans have been instructed to delay sending billing statements ahead of an Aug. 31 deadline to end the pandemic loan payment freeze, giving companies little time to begin loan collection processes. if payments resume.
The future of the federal student loan portfolio is in limbo as President Biden considers whether to cancel a limited amount of debt for borrowers whose incomes fall below a certain threshold. The president and his advisers have been debating the issue for more than a year, frustrating activists and progressive Democrats and putting borrowers, loan servicers and other stakeholders on edge about what will happen next.
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