April 6, 2022, 4:42 p.m. • 3 minutes reading Share to Facebook Share to Twitter Email this article President Joe Biden announced on Wednesday another extension to the suspension of federal student loan payments – this time until August 31. This delay will be the sixth extension of the program in the two years of the pandemic and comes less than a month before the scheduled resumption of payments on May 1, potentially affecting millions of unpaid borrowers. “As I acknowledged in the recent extension of the COVID-19 national emergency, we are still recovering from the pandemic and the unprecedented financial turmoil it has caused,” Biden said in a statement. “If loan repayments continued normally in May, an analysis of recent data by the Federal Reserve shows that millions of student borrowers will face significant financial hardship and delays and bankruptcies could threaten the financial stability of Americans,” he said. President Joe Biden speaks during an event in the east room of the White House, April 5, 2022. Congressional Democrats have pressured Biden to either extend the moratorium or cancel student loan debt – and the new extended freeze until August will end just before the November midterm elections, ensuring that student loan debt increases. in races across the country. Biden’s latest move on the issue has received mixed reviews from progressive Democrats, including lawmaker Alexandria Ocasio-Cortez, DN.Y., who criticized the administration for the continuing uncertainty experienced by borrowers. Ocasio-Cortez is not the only Democrat to call on Biden to simply eliminate all student debt. Senator Bernie Sanders, I-Vt., Wrote on Twitter on Tuesday that Biden needed to go further. Biden has pledged to approve a $ 10,000 student loan for each federal borrower during his campaign, but has yet to do so.
