Biden expected to push student loan repayment to September | News

(The Center Square) — The Biden administration is expected to extend the student loan repayment freeze, which was set to end on May 1.

The new reimbursement pause will likely continue until August 31 this year.

News of the extension was welcomed by some, and many progressives called on the president to cancel the loans altogether. In the past, President Joe Biden has said he doesn’t have the authority to cancel student loans.

“I support full student loan forgiveness, but if Biden is smart, he should cancel at least 50,000 student loans just in time for the 2022 midterms,” ​​said Brittney Cooper, associate professor at Rutgers University. “It would make this total rout that everyone predicts less of a doom.”

Others criticized Biden’s decision.

“President Biden’s perpetual moratorium on student loan payments is an insult to all Americans who have paid their debts responsibly,” said U.S. Senator Tom Cotton, R-Ark. “There is no free lunch: this reckless decision puts taxpayers on the line for billions.”

Biden ordered a similar extension in December.

“Now, while our jobs recovery is one of the strongest ever … we know that millions of student borrowers are still dealing with the impacts of the pandemic and need more time before resuming jobs. payments,” Biden said at the time.

Previous Time Finance: Recognized for providing a first class invoice finance service
Next New Relic Adds SRE Features and Prepares Security Offering