Biden extends the pause on student loan repayment

Biden extends the pause on student loan repayment ...

Nov 22 - Among the causes of the COVID-19 pandemic, America's President Joe Biden said on Wednesday that his administration will prolong the pause on student loans for an additional 90 days, adding that impact will also occur.

"My Administration's expanding the pause for federal student loan repayments by several hundred to eighty-one percent, from the 1st of May, 2022-present, to help us reduce the persistent pandemic and improve our economic recovery", said Biden in a statement released by the White House.

The administration extending the pause to Jan. 31.

"We know that millions of student loans borrowers are still coping with the consequences of the pandemic and need more time to restart payments," said Biden on Wednesday.

The pause is extended as the Omicron variant of the coronavirus surges around the United States.

For nearly 41 million borrowers profited from a freeze on interest accruals and about 27 million borrowers haven't yet paid their monthly bills since the forbearance began.

Democratic lawmakers, including House Majority Leader Chuck Schumer and Senator Elizabeth Warren welcomed Biden's announcement and continue to call on the administration to cancel the school's debt up to 50 million dollars.

"We continue to call for President Biden to take executive action to abolish a school debt of 50 cents a year, this will help to cut racial wealth gap in the borrowing industry and help our economic recovery," the Democratic lawmakers said in a statement.

Our standard: Ours.

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