Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Catch up on the day's biggest business stories
Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
A U.S. flag flies above a building as students graduate from California's Pasadena City College in June 2019. Photo: Robyn Beck / AFP
As part of his day one executive actions, President-elect Biden on Wednesday will ask the Department of Education to extend federal student loan relief, hoping to pause payments and interest accrual until at least Sept. 30.
Why it matters: The relief, in place since March due to the coronavirus pandemic, is set to expire Jan. 31 . The measures, which also include expanding forgiveness and income-based repayment programs, have helped tens of millions of borrowers handle the financial strain brought on by the public health crisis.
- According to a Pew survey, conducted in August and September, 58% of borrowers said they would find it somewhat or very difficult to begin repaying their loans again in the next month.
What to watch: Wednesday's move is expected to be only the first step Biden takes to tackle the nearly $1.7 trillion student debt crisis and restart the economy.
- "Alleviating the crushing financial burden of student debt" will be an immediate priority of the Biden administration, his team said last week.
- Biden also supports "immediately" canceling $10,000 of federal student loan debt per borrower but it is unclear if he will do so through executive
- But the president is facing pressure from some Democrats, including Sens. Chuck Schumer (N.Y), and Elizabeth Warren (Mass.) to cancel — through executive action — up to $50,000 in federal student debt for all borrowers.
Worth noting: Student debt forgiveness is not part of the $1.9 trillion stimulus package Biden outlined earlier this month.
🎧Go deeper: Biden's plan to forgive student debt