Lawmakers Push Student Loan Debt Pause, Cancellation

Some Congress members want the Biden-Harris Administration to prolong the hold on the student loan payments until Spring 2022, ESSENCE Magazine reported.

The intention would be to grant borrowers with the gift of time to assist them with not having to pay back their student loans during the COVID-19 pandemic, the article added.

Congresswoman Ayanna Pressley (D-MA), Elizabeth Warren (D-MA) and Senate Majority Leader Chuck Schumer (D-NY) spoke during a press conference about the topic recently on Capitol Hill.

In June, the political leaders addressed President Biden in a letter asking for him to prolong the pause on federal student loan payments until at least March 31, 2022, according to the article.

Schumer said on the Senate floor that there are presently about 45 million student loan borrowers across the country — they owe $1.7 trillion in educational debt.

“In good times, paying off tens of thousands, sometimes hundreds of thousands in debt can be a crushing endeavor, particularly to younger people ready to go out in the prime of life,” he said in the article. “But during this pandemic, as Americans lost jobs and incomes, it has become even harder to pay back those loans.”

According to a Forbes areticle, if Biden does not extend the student loan relief, on October 1 the student loan payments would resume.

Read the full story here.

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