The Biden administration is considering extending the student loan payment freeze, which is set to expire on May 1.
Last week, a top White House official said that the Biden administration is considering extending the student loan payment freeze, which is set to expire on May 1, for a second timeand suggested that the administration may cancel some portion of student debt before payments resume., “the president is going to look at what we should do on student debt before the pause expires, or he’ll extend the pause.
Activists have been ramping up pressure on Biden to take action on the student loan crisis. The Debt Collective is planning a day of action in April, andthat it will be launching a campaign for a widespread debt strike if payments start again in May. The organization is encouraging people to pay $0 a month or as close to it as possible, which most debtors were already doing before the pandemic, the activists say.
Progressive and Democratic lawmakers have repeatedly asked Biden to take action on student debt. Last month, Sen. Elizabeth Warren sent a letter to Education Secretary Miguel Cardona that 37 percent of borrowers say that they’re “not at all confident” about their ability to make their payments when they restart in May. Nearly two thirds of borrowers said that they would have to make “major changes” to their finances when payments restart, which could be harmful to the economy and middle- and lower-income families.
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