Earlier this week, one hundred Members of Congress sent a letter to President Biden to press for the extension on the pause of student loan payments. Without another extension, student loan borrowers will be expected to resume loan payments. The letter says, “For over two years, the Department has provided critical flexibility to millions of federal student loan borrowers by pausing payments, as many have struggled during the COVID-19 pandemic. This much needed pause has helped many borrowers to keep a roof over their heads, secure childcare, and purchase food, health care, and medicine during the course of a pandemic responsible for the deaths of more than one million people in the U.S.” The letter goes on to say, “Resuming student loan payments would force millions of borrowers to choose between paying their federal student loans or putting a roof over their heads, food on the table, or paying for childcare and health care—while costs continue to rise and while, yet another COVID-19 variant increases hospitalizations nationwide.”
The current pause on student loan payments will expire on August 31, 2022. In the meantime, student loan borrowers await the release of President Biden much-anticipated student loan forgiveness plan.