Student Loan Servicers Told to Hold Off on Sending Billing Statements

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WASHINGTON—The federal authorities’s pupil mortgage servicing contractors have been instructed to carry off on sending billing statements forward of an Aug. 31 deadline for ending the pandemic freeze on mortgage funds, giving firms little time to start out mortgage assortment processes if funds resume.

The way forward for the federal pupil mortgage portfolio is in limbo as President Biden considers whether or not to cancel a restricted quantity of debt for debtors whose incomes fall beneath a sure threshold. The president and his advisers have been debating the problem for greater than a yr, irritating activists and progressive Democrats, and placing debtors, mortgage servicers and different stakeholders on edge about what occurs subsequent.

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