The Biden Administration announced Wednesday that they are again extending the moratorium on federal student loan payments, interest, and collections. This time until summer’s end Aug 31st. The US Department Of Education also unveiled a plan to reset 7 million borrowers who are in default using their pandemic pause to restore these accounts back into good standing.
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“We are still recovering from the pandemic and the unprecedented economic disruption it caused,” said President Biden in a statement announcing the extension. “If loan payments were to resume on schedule in May, analysis of recent data from the Federal Reserve suggests that millions of student loan borrowers would face significant economic hardship, and delinquencies and defaults could threaten Americans’ financial stability.”
The federal student loan payment pause has already resulted in $195 billion worth of waived payments through this April, according to a recent study from the Federal Reserve Bank. The Committee for Responsible Budget estimated that extending these delays would cost an additional 50 billion per year – but now we know why they were put on hold!
With Biden’s latest intentions announced today (June 4), it will be interesting to see how much longer he extends their stay before canceling all backed debts as promised.
The Biden Administration has canceled $17 billion in student loan debt, including forgiveness for borrowers who were found to have been defrauded by schools as well as public service loans. This is an excellent way of helping Americans get out from under their growing pile of educational obligations-and it’s something that should be repeated across all industries where people may find themselves engaged with potential schemes like these actors/schools or whatever might come next!
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