Concerned about repaying your federal student loan? Well, you can breathe easily today এবং and for the next four months. On Wednesday, President Joe Biden announced his administration’s decision to extend the repayment period. The president shared a short clip with the public on his verified social channel.
“Today I am announcing that my administration has extended the federal student loan repayment period until August 31, 2022,” said President Biden. “I know people have been hit hard by this epidemic and although we have come a long way in the last year, we are still recovering from the economic crisis it has caused.”
According to CNN, Pause expires May 1. Most borrowers, including federal student loan loans, have not had to worry about finding coins to pay off in the last two years. The refrigerator, which prevents the addition and collection of interest on loans, has been in operation since March 2020.
This is the third time Biden has extended the resume payment date. The Biden administration had earlier said that the extension from September 2021 to January 2022 would be final. However, the increase in COVID-19 cases has confirmed an extension until May 1.
“This continued break will help Americans breathe a little easier when we recover and we will rebuild from the epidemic,” President Biden said Wednesday.
Just canceled ’em Joe
And while some people are relieved by the increase, others have called on Biden to cancel the loan altogether. Ironically, just hours before Biden’s extended announcement, U.S. Senator Barney Sanders, as he has in the past, favored repeal. He tweeted, “Cancel student loans” and continue with “everything”.
Although Biden was in favor of canceling the president’s campaign, the president has been urging Congress to use its executive power to make decisions. However, some progress has been made in this regard. President Biden has expanded the amnesty program for Americans with severe disabilities, public sector employees and borrowers deceived by for-profit colleges.
According to the Federal Reserve, Americans owe more on student loans than on credit card or car loans. In fact, recent data shows that Americans are in the 1.8 trillion hole in student loans – a growing number since 2006. CNN, About 43 million people have student loans, which means some 17 percent of adult Americans owe some educational currency.