President Joe Biden has announced an extension for student loan debt payments. His administration will provide an extra 90 days, stretching into May 2022.
In a recent statement, Biden said, "Given these considerations, today my administration is extending the pause on federal student loan payments for an additional 90 days - through May 1, 2022 - as we manage the ongoing pandemic and further strengthen our economic recovery." Biden ended the statement encouraging borrowers to take advantage of the Department of Education's resources in preparation for upcoming payments once the extension is lifted.
Prior to the announcement, the White House was set on loan payments resuming on Feb. 1. Biden faced waves of backlash from current borrowers for his refusal to extend the debt relief. Ahead of the election win, Biden made many promises to address the student loan debt crisis but has not lived up to the hype of his campaign. In a statement given earlier this month, Biden acknowledged the presence of the Omicron variant but considered the transition back into loan repayment to be a high priority for his administration.
Upon his latest announcement, the President has been applauded by Democratic lawmakers for his decision. In a statement, Majority Leader Chuck Schumer, Senator Elizabeth Warren, and Congresswoman Pressley said, "We're pleased the Biden administration has heeded our call to extend the pause on student loan payment." His extension comes amidst the crippling effects of the ongoing pandemic that has sent thousands into unemployment and struggling with financial recovery. Hopefully, Biden makes good on his promise and really addresses the student debt crisis that continues to impact millions.
[Via]