Biden extends the rest of the pause when you repay your student loan

Biden extends the rest of the pause when you repay your student loan ...

Dec 22 - President Joe Biden said on Wednesday that his administration would prolong the pause on student loans for another 90 days, citing the impact of the COVID-19 pandemic.

As we continue to fight the pandemic, the white house has announced that my Administration will prolong the period - which can be extended - to eight more days until May 1 and 2022.

The Biden administration extended the pause through Jan. 31.

"We know that millions of student loans borrowers are still coping with the effects of the pandemic and need some more time to repay the debt", Biden said on Wednesday.

The delay in the pause has been extended as the Omicron variant of the coronavirus surges across the United States.

Nearly 41 million borrowers benefited from the freeze on interest accruals and approximately 27 million borrowers haven't had to pay their monthly bills since the forbearance began.

The Student Borrower Protection Center, a nonprofit group, described the proposal that the Biden administration took as a lifeline for student loans borrowers despite the economic and public health reality.

Democratic lawmakers including Senate Majority Leader Chuck Schumer and Senator Elizabeth Warren welcomed Biden's announcement and continued to call for the administration to cancel student debt up to $50,000.

"We continue to call for President Biden to take executive action to stop student debt of 50 dollars, to help borrowers with low racial wealth and accelerate our economic recovery," lawmakers said in a statement.

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