Biden Asked To Freeze Payment Requirement For Student Loans

( Congressional Democrats are reportedly working overtime to figure out how they can convince President Joe Biden to finally give in on the issue of student loans. Reports suggest that Democrats in Congress want the president to extend the suspension of student loan repayments before the scheme expires on May 1.

Student loan repayment suspensions were implemented when the COVID-19 pandemic began, giving students a chance to save money and avoid being unable to pay their debts while lockdowns were imposed all over the country.

The suspension has been extended a total of five times since March 2020, when the program was introduced by then-President Donald Trump. Another extension would not only mean more time not paying back loans, but interest rates slashed to zero so students don’t find that, after two years, they actually owe more.

Out of all the programs implemented at the start of the pandemic, the freeze on student loan repayments is the most resilient. Everything else that was introduced, including enhanced unemployment benefits, a ban on landlords evicting tenants, and even the expanded child tax credit system have all expired now that the economy is almost entirely back to normal.

A group of over 40 House Democrats wrote a letter to the president, which was also published last week, in which they praise the decision to extend the program previously but argue that more needs to be done.

“Millions of borrowers have benefitted from the pause in payments. Although progress has been made, we believe it is vital to ensure that we continue to work to alleviate the continued impact the pandemic is having on families across the country,” the letter reads.

The legislators also warned that ending the suspension means that students will be forced to return to paying their loans at a time when the cost of living has already gone up dramatically.

Sooner or later, though, students are going to need to pay back those loans – unless Biden finally gives in and grants forgiveness for all student loans.

We’ll see…