FOR IMMEDIATE RELEASE
April 6, 2022
Contact: Juan Ramiro Sarmiento
(785) 760-6567 | JuanRamiro.Sarmiento@younginvincibles.org
Biden Extends Repayment Pause
Amid Inflation and Rising Costs, Broad Cancellation Increasingly Necessary
(Washington, DC) – Today, President Biden announced his decision to once again extend the student loan repayment pause until August 31st. The latest decision represents the sixth time the moratorium has been extended. Polling data on student borrowers indicates that a vast majority of people feel unprepared for the resumption of loan repayments.
In response, Ernest Ezeugo, Higher Education, Workforce Policy and Advocacy Director for Young Invincibles issued the following response.
“We are encouraged by the Biden administration’s decision to extend the moratorium on student loan repayment. The decision demonstrates the administration recognizes the benefit of a repayment pause for students over the course of the COVID-19 pandemic.
Additionally, we applaud the Biden administration’s decision to give 7.5 million student loan borrowers in default a fresh start by bringing their student loan accounts into good standing. This decision will prevent borrowers from having their wages and critical benefits garnished, opening the door for economic stability.
However, extending the pause on student loan repayments until August alone is insufficient.
Postponing the end of the repayment pause mere months at a time creates a cruel game of uncertainty for borrowers.
Ultimately, the Biden administration must commit to fixing the student loan repayment system and canceling student debt, as the President promised to do on the campaign trail. We continue to believe that this administration has the legal authority to cancel student debt with the stroke of a pen. Anything less, as positive as the temporary benefits may be, undermines the critical relief this administration can and must provide to borrowers.”