The Biden Administration just announced that they will be extending their pause on federal student loan payments until May 1, 2022. Initially, the White House did not intend to evoke this addendum. But due to the pandemic, President Biden cited his desire to assist college students financially during these trying times.
The decision was commended by other lawmakers from within the Democratic Party such as Majority Leader Chuck Schumer, U.S. Representative Ayanna Pressley, and Senator Elizabeth Warren. While President Biden's constituents remain supportive of their leader, they also call for him to do even more. The Democratic Lawmakers wrote:
"We're pleased the Biden administration has heeded our call to extend the pause on student loan payments. As we stated in our December 8th letter, the pause on federal student loan payments, interest, and collections has improved borrowers' economic security, allowing them to invest in their families, save for emergencies, and pay down other debt. Extending the pause will help millions of Americans make ends meet, especially as we overcome the Omicron variant. We continue to call on President Biden to take executive action to cancel $50,000 in student debt, which will help close the racial wealth gap for borrowers and accelerate our economic recovery."
Look above to view the Biden Administration's statement.
