President Biden announced the extension of a freeze on student debt payments, citing the continued economic hardships brought on by the COVID-19 pandemic.
The White House said Wednesday the Biden administration would be pausing requirements for student debt payments through Aug. 31 of this year. Biden said in a statement the U.S. is "still recovering" from the years-long coronavirus pandemic, necessitating further leniency on loan payments.
Biden campaigned on canceling up to $10,000 in student debt per borrower, but the progressive wing of the Democratic Party has called on him to cancel up to $50,000. Former President Donald Trump first issued a freeze on repayments in 2020.
"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," Biden said.
Biden extends student loan repayment pause until Aug. 31, saying US 'still recovering' from COVID-19
- by: Timothy Nerozzi
- 04-06-2022
- Source:
Fox Business
- 04/06/2022
President Joe Biden by The White House is licensed under flickr U.S. Government Works
President Joe Biden by The White House is licensed under flickr U.S. Government Works
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