Senate Majority Leader Chuck Schumer of New York and Sen. Elizabeth Warren of Massachusetts led a group of more than 60 other Democrats in asking the President in a letter sent Wednesday to push back the restart date, warning it could"create a significant drag on our economic recovery."
When do student loan payments restart?As of now, federal student loan borrowers will have to resume payments on October 1 after an unprecedented 19-month suspension. The freeze was initially put in place by Congress and then extended by both the Trump and Biden administrations.Read MoreCNN has reached out to the White House for comment. How much borrowers have savedBorrowers' balances have effectively been frozen since March 2020.
Student loan payments are suspended. Here's how to make the most of itThe benefit is even more significant for those who work in the public sector and may be eligible for loan forgiveness after 10 years. They are receiving credit toward those 10 years of required payments as if they had continued to make them during the pandemic, as long as they are still working full time for qualifying employers.
Biden cancels $500 million in student debt for victims of for-profit school fraudBut Biden's actions don't go far enough for some of his fellow Democrats, including Schumer and Warren, who have urged him to cancel $50,000 in student debt per borrower.
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