In August 2022, the Biden administration announced an unprecedented slate of student loan updates, including a continuation of its payment pause on federally-held student loans through the end of 2022, as well as a cancellation of student loan debt for $10,000 or $20,000 for qualifying borrowers. Since the announcement, the president's proposal has faced a number of legal challenges, which have dismantled or stalled key components of his plan.
While it's easy to write this off as DOA and therefore not worth giving notice, these developments will inevitably have huge implications for employees – almost 43 million borrowers have student loan debt. That means employees with paused student loan payments will have to resume payments next year, and those that were hoping for tens of thousands of dollars worth of relief may not see it at all.
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