Biden admin officials plan to extend the pause on federal student loan payments through the end of August, multiple sources say, though they warned that could still change. An announcement could come as early as this week.
The White House plans to once again extend the moratorium on federal student loan payments through the end of August, according to multiple people familiar with the matter, including an administration official.as the current pause on payments was set to expire May 1, potentially impacting more than 40 million Americans. The new August 31 extension, however, is considerably shorter than what many Democrats have been requesting.
A range of Democrats had urged the Biden administration to extend the pause on payments through at least the end of 2022, which would be long enough to avoid requiring borrowers to make payments just before the midterm elections. Just last week,led by Sen. Elizabeth Warren and Majority Leader Chuck Schumer sent a letter to Biden asking him to extend the pause “until at least the end of the year.”
“Tens of millions of people with student debt are once again in limbo as Washington plays politics with borrowers’ financial lives,” said Student Borrower Protection Center Executive Director Mike Pierce. “Joe Biden needs to keep his promises to fix the broken student loan system and cancel student debt. As voters head to the polls in November, they will not settle for anything less.”
Some Biden advisers have been reluctant to continue relief because they believe it undercuts the administration’s messaging on the strength of the economic recovery, though last month White House chief of staff Ron KlainDemocrats and advocates for student loan borrowers have said that more relief is needed as Americans face higher costs as a result of rising inflation gripping the economy.
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