The Biden administration announced Wednesday that the halt on student loan payments will continue through May 1. In a statement, Joe Biden said that “millions of student loan borrowers are still coping with the impacts of the pandemic and need some more time before resuming payments.” For months, the White House warned that individuals should […]
The Biden administration announced Wednesday that the halt on student loan payments will continue through May 1.
In a statement, Joe Biden said that “millions of student loan borrowers are still coping with the impacts of the pandemic and need some more time before resuming payments.”
For months, the White House warned that individuals should be prepared to resume student loan payments in February. However, with the recent spike in Omicron cases, the administration changed its tune.
Progressive Democrats argued it would be a bad choice for Biden to restart student loan payments ahead of a difficult midterm elections year.
In September, Biden extended the moratorium, which began in March of 2020 under Trump, until January 31.
In a joint statement Wednesday, Senate Majority Leader Chuck Schumer, Sen. Elizabeth Warren and Rep. Ayanna Pressley hailed Biden for extending the pause, NBC News reports.
“Extending the pause will help millions of Americans make ends meet, especially as we overcome the Omicron variant,” they wrote. “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.”
