Biden Freezes Student, Loan Payments Until May 1.
NPR reports President Biden has extended the freeze on student loan payments until May 1, 2022.
The freeze will reportedly offer relief for nearly
41 million federal student loan borrowers.
We know that millions of student
loan borrowers are still coping with
the impacts of the pandemic
and need some more time
before resuming payments. , President Joe Biden, via statement.
Before Biden's announcement, payments
were to resume in February.
Student loan payments have been on pause
since the onset of the pandemic.
Student loan payments have been on pause
since the onset of the pandemic.
In a recent survey, 49% of borrowers
said they were "not at all confident"
they could restart payments in February.
In a recent survey, 49% of borrowers
said they were "not at all confident"
they could restart payments in February.
We don't need to
start the student loan system right now. , Mike Pierce, executive director at the
Student Borrower Protection Center, via NPR.
Over 7 million student borrowers in the United States have defaulted on their loans.
Experts say borrowers who have defaulted
on loans could have an extremely difficult
time when payments resume.
Experts say borrowers who have defaulted
on loans could have an extremely difficult
time when payments resume.
Defaulted borrowers
are really balancing on
the edge of life here. , Mike Pierce, executive director at the Student Borrower Protection Center, via NPR.
Defaulted borrowers
are really balancing on
the edge of life here. , Mike Pierce, executive director at the Student Borrower Protection Center, via NPR