WASHINGTON, D.C. -- The Biden administration plans to freeze federal student loan payments through Aug. 31, extending a moratorium that has allowed millions of Americans to postpone payments during the coronavirus pandemic, according to an administration official familiar with the White House's decision-making.Student loan payments were scheduled to resume May 1 after being halted since early in the pandemic.
Democrats on education panels in the House and Senate recently urged President Joe Biden to extend the moratorium through the end of the year, citing continued economic upheaval. Murray called on the Biden administration to lift all borrowers out of default to provide a"fresh start" following the pandemic.
"Serious delinquency rates for student debt could snap back from historic lows to their previous highs in which 10% or more of the debt was past due," the bank said.
If unemployment is at all time lows why can’t they pay back the money they borrowed? What part about loan did they not understand. If they borrowed $150k and majored in English Literature and can’t afford to pay back the loan whose fault is that?
Kicking the can down the road will not fix the problem. The Govt is never going to wipe away debt.
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