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Biden regulator extends student loan payment pause until May 1

In recent months, pleas to take sweeping action on student loans have gone unanswered by Mr. Biden, who has said he has been reluctant to seek executive action to pardon the debt. big money on student loan debt, lest relief will come to those attending elite colleges. But last week, Vice President Kamala Harris spoke publicly about the need to provide relief to borrowers.

“I have student loans,” Ms. Harris said in an interview with radio and television presenter Charlamagne tha God. “I mean, look, right now, we have a lot of people, tens of millions of people in the United States dealing with student loan debt and liability, and it’s getting in the way. they can get married or buy a house. And it’s real, and we need to deal with it.”

On Wednesday, the White House sought to credit Harris for her role in persuading the president to approve the extension. Jen Psaki, the White House press secretary, said conversations with advisers, including Harris, led to Biden’s decision to extend the moratorium. Ms. Psaki said the president’s threatened social spending plan was not the main reason for extending student loans.

“This is something that the president has been thinking about a lot over the last few days,” Psaki said, adding that conversations with Ms Harris “resulted in the decision to last through May.”

According to the Department of Education, the Biden administration has canceled some of the debt through more targeted measures — it wiped out nearly $13 billion in loans to nearly 640,000 borrowers, including more than $7 billion for those “total and permanent disability”.

Activists praised the government’s decision.

“The Biden administration has created a lifeline for student loan borrowers in the face of economic and public health realities,” said Mike Pierce, executive director of the Student Borrower Protection Center. . “This is a necessary action for borrowers to stay afloat.

Those struggling to repay their student loans say the extension is helpful, if only temporary.

https://www.nytimes.com/2021/12/22/your-money/student-loan-pause.html Biden regulator extends student loan payment pause until May 1

Fry Electronics Team

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