Biden Extends, Pause on , Student Loan Payments.
On April 6, President Joe Biden announced that a pause on federal student loan payments will now be extended until August 31.
On April 6, President Joe Biden announced that a pause on federal student loan payments will now be extended until August 31.
ABC reports that this is the sixth extension that has been put in place since the pandemic began over two years ago.
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The decision comes less than a month before payments were scheduled to begin again in May.
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The extension potentially affects millions of people who would have otherwise been unable to make their payments.
As I recognized in recently extending the COVID-19 national emergency, we are still recovering from the pandemic and the unprecedented economic disruption it caused, Joe Biden, President of the United States, via ABC.
If loan payments were to resume on schedule in May, analysis of recent data from the Federal Reserve suggests that millions of student loan borrowers would face significant economic hardship, and delinquencies and defaults could threaten Americans’ financial stability, Joe Biden, President of the United States, via ABC.
If loan payments were to resume on schedule in May, analysis of recent data from the Federal Reserve suggests that millions of student loan borrowers would face significant economic hardship, and delinquencies and defaults could threaten Americans’ financial stability, Joe Biden, President of the United States, via ABC.
NBC reports that Biden has faced pressure from fellow Democrats to either pause or cancel student loan debt.
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The issue of student loan debt will reportedly play a role in midterm elections around the country.
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Progressive Democrats have reportedly criticized the administration for the ongoing uncertainty borrowers face.
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NBC points out that Biden promised $10,000 in student loan forgiveness for borrowers during his election campaign but has yet to make that promise a reality.
