President Trump indicated on Thursday that his administration is taking steps through executive action to address expiring student loan relief for millions of Americans.
“Upon departing the Oval Office for Ohio, I’ve notified my staff to continue working on an Executive Order with respect to Payroll Tax Cut, Eviction Protections, Unemployment Extensions, and Student Loan Repayment Options,” the President tweeted. No further details were provided, and it was not immediately clear what the President meant by “student loan repayment options.”
The President’s statement comes as Congress has been unable to reach a compromise on extending student loan relief and other economic assistance programs that are expiring. Congress had suspended all payments, interest, and collections on government-held federal student loans for six months under the CARES Act, which was enacted in April. That student loan relief expires at the end of September.
House Democrats passed legislation extending that relief for an additional 12 months, but Senate Republicans have opposed that measure. Instead, Senate GOP leaders just unveiled a new stimulus package that includes no additional extension of existing student loan relief, but would create a new repayment plan that mirrors income-driven repayment options that are already available to borrowers.