The action applies to more than 43 million Americans who owe a combined $1.6 trillion in student debt held by the federal government.
“It is ruining lives and holding people back,” she said in a statement last month. “Borrowers are struggling with rising costs, struggling to get their feet back under them after public health and economic crises, and struggling with a broken student loan system — and all this is felt especially hard by borrowers of color.”
The decision is being made amid rising concern that large numbers of Americans would quickly fall behind if payments restarted in May. “Serious delinquency rates for student debt could snap back from historic lows to their previous highs in which 10% or more of the debt was past due,” the bank said.
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