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Student Loan Debt

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According to reports, the White House will announce on Wednesday (April 6th) that the moratorium on student loans will be extended to August 31st. The current moratorium is slated to end on May 1st. While the reports suggest that the end of August may be the working date, it is not set in stone. Democrats including Sen. Elizabeth Warren (D-Mass.) and Majority Leader Chuck Schumer have urged President Biden and his administration to extend the pause on payments through at least the end of 2022.

Others including Sen. Patty Murray (D-Wash.) and Rep. Bobby Scott (D-Va.) have pushed to extend the relief until 2023. However, Republicans have pushed for Student Loan payments to resume, citing inflation and the growing cost to taxpayers.

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This signals another fight over student loan forgiveness to continue into the upcoming mid-term elections. Student Borrower Protection Center Executive Director Mike Pierce stresses Joe Biden has to fix the loan system saying “As voters head to the polls in November, they will not settle for anything less.

With many feeling that they are being held down by student loans, hurting their debt to income ratio and pockets, it will be interesting to see if this is enough for votes come November.

SOURCE | POLITICO

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