Tuesday, December 14, 2021

MAKING FRIENDS AND INFLUENCING PEOPLE: Biden To End Student Loan Relief, Confirms Regular Payments Will Restart February 1

Source: Forbes

Published: December 13, 2021

By: Zack Friedman

Here’s what you need to know.

Student Loans

White House Press Secretary Jen Psaki confirmed to reporters during a press briefing that the Biden administration won’t extend student loan relief — and the student loan payment pause will end January 31, 2022. (No, Biden won’t extend student loan relief again). Here are some highlights from her comments:

  • “In the coming weeks, we will release more details about our plans”
  • “We will engage directly with federal student loan borrowers to ensure they have the resources they need and are in the appropriate repayment plan.”
  • “We are still assessing the impact of the Omicron variant.”
  • “A smooth transition back into repayment is a high priority for the administration.”
  • “The Department of Education is already communicating with borrowers to help them to help to prepare for return to repayment on February 1.”
  • “41 million borrowers have benefitted from the extended student loan payment pause, but it expires February 1, so right now we’re just making a range of preparations.”

Student loan relief: this won’t sit well with progressives and advocates

Progressive members of Congress, leading advocacy groups and student loan borrowers have lobbied President Joe Biden to extend the student loan payment pause beyond January 31, 2022. (Here’s a list of everyone who wants Biden to extend student loan relief). They cite potential financial devastation for millions of borrowers if temporary student loan forbearance isn’t extended. Senate Majority Leader Chuck Schumer (D-NY) and Sen. Elizabeth Warren (D-MA) say that 89% of student loan borrowers feel financially unprepared to restart student loan payments.

They also argue that nine million student loan borrowers in default will suffer further financial detriment. (5 ways Biden could cancel more student loans). With other U.S. senators, they have pressured Biden to postpone the return to student loan payments for at least several months and at most until the end of the Covid-19 health emergency. Despite these pleas, the Biden administration seems definitively focuses on ending this student loan relief on January 31.

Read more at: Forbes.com
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