Finance
January 1, Pressure Mounts on Biden Over Student Loans
President Joe Biden is facing pressure from Congressional Democrats to extend the pandemic-era pause on student loan payments, with some progressives still pushing for widespread cancellation.
Former President Donald Trump initiated the pause on federal student loan payments in March 2020, and it’s been extended five times since. It’s currently set to expire on May 1.
More than 40 House Democrats wrote a joint letter to Biden calling for an extension through the end of 2022.
“Millions of borrowers have benefitted from the pause in payments. Although progress has been made, we believe it is vital to ensure that we continue to work to alleviate the continued impact the pandemic is having on families across the country,” the letter read.
The lawmakers stressed the current financial strain on Americans from record inflation and gas prices.
“Unemployment remains higher than two years ago, and families are experiencing significant price increases on household goods, food, and energy,” the Democrats wrote.
A number of progressives, and even some top Democrats including Senate Majority Leader Chuck Schumer (N.Y.), are urging Biden for widespread student loan cancellation.
“Without action, student loan payments will resume on May 1. President Biden can act now by using his existing legal authority to #CancelStudentDebt,” Schumer tweeted.
Source:
Democrats press Biden to extend freeze on student loan payments
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