2. Biden extends the student loan payment pause and cancels student loans A second option is that Biden extends the student loan payment pause and cancels student loans. This student loan relief is on the wish list of many student loan borrowers. How would it work? For example, following an extension of the student loan payment pause, Biden could announce a plan to enact wide-scale student loan cancellation for all or most student loan borrowers.
3. Biden extends student loan relief, but cancels student loans for certain student loan borrowers only A third option is that Biden extends student loan relief, but he decides to cancel student loans for certain student loan borrowers only. This is similar to the second option, but it would limit the amount of student loan cancellation. Biden has preferred targeted student loan cancellation for specific groups of student loan borrowers.