Biden To Announce Big News For Those Paying Back Student Loans

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

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The new pause on repayment will likely go through Aug. 31 of this year.

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

“I favor student loan forgiveness in total, but if Biden is smart, he should forgive at least 50k in student loans just in time for the 2022 midterms,” said Brittney Cooper, an associate professor at Rutgers University. “That would make this total rout everyone is predicting less of a foregone conclusion.”

Others criticized Biden’s move.

“President Biden’s perpetual student loan payment moratorium is an insult to every American who responsibly paid debts,” said U.S. Sen. Tom Cotton, R-Ark. “There’s no free lunch: this reckless move puts taxpayers on the hook 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 loan borrowers are still coping with the impacts of the pandemic and need some more time before resuming payments,” Biden said at the time.

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