Biden to announce another extension of student loan payment suspension: reports

  • Biden plans to announce an extension of the student loan payment pause through August 31, three outlets report.
  • This is its fourth extension, and it comes just days before payments resume on May 1.
  • Democrats continue to call for broad student debt cancellation.

Millions of federal student loan borrowers are on track for good news this week.

Several publications confirmed on Tuesday that President Joe Biden will announce a further extension of the student loan payment pause until August 31 this week, just days before it expires on May 1, according to familiar sources who spoke to Politico. , the Associated Press and Bloomberg. Over the past few months, Biden has come under increasing pressure to extend the payments pause, given rising inflation and the ongoing pandemic, and the upcoming announcement will mark his fourth aid extension. pandemic for borrowers.

“YES! This is an important step to ensure spending for working families does not increase as we work to combat inflation and corporate greed,” the Congressional Progressive president wrote on Twitter. Caucus, Pramila Jayapal, after the announcement was made. “Now let’s write off at least $50,000 per borrower.”

The announcement follows comments by White House Chief of Staff Ron Klain last month, who told Pod Save America that Biden would either extend the pause on student loan payments or decide what relief he can implement via executive action.

Notably, the extension until the end of August does not meet the relief recently requested by nearly 100 Democratic lawmakers, in which they urged Biden to extend the pause until at least 2023 and to cancel the student debt in the meantime.

“While there may be different ideas on how best to structure cancellation, we all agree that you should cancel student debt now,” they wrote, adding that “given the approaching deadline at big steps for borrowers to resume payments, your administration must act as quickly as possible to extend the pause and impress on the American public your intent to write off a significant amount of student debt.”

It remains to be seen whether broad student loan cancellation is on the cards. But a recent poll showed that debt cancellation will draw voters to the polls for the midterm elections, likely helping Democrats maintain the majority that is currently under threat.

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