The Biden administration says student loan relief will not be extended, with payments restarting Feb. 1, Forbes reports.
Progressive Democrats had asked President Joe Biden to extend the pandemic-related pause on student loan payments that is set to expire Jan. 31.
Nearly 90% of student loan borrowers accepted the president’s March 2020 COVID-19 pandemic offer to pause repayments, according to a new analysis from The Roosevelt Institute.
The resumption of federal student loans will mean that approximately $7 billion per month and $85 billion annually will be stripped from more than 18 million student loan borrowers’ budgets, according to the institute.
White House press secretary Jen Psaki was asked whether the administration was considering extending that student loan payment pause.
“So, in the coming weeks, we will release more details about our plans and will engage directly with federal student loan borrowers to ensure they have the resources they need and are in the appropriate repayment plan,” Psaki said Friday.
“We’re still assessing the impact of the Omicron variant. But a smooth transition back into repayment is a high priority for the administration. The Department of Education is already communicating with borrowers to help them to prepare for return to repayment on Feb. 1 and has secured contract extensions with loan servicers.
“So, we are preparing for a range of steps here. These steps have provided, I would just note, more than $12.5 billion in discharges to nearly 640,000 borrowers, plus tens of billions more saved by the 41 million borrowers who have benefited from the extended student loan payment pause. But it expires Feb. 1, so, right now, we’re just making a range of preparations.”
The taxpayers should NOT be paying off everyone’s student loans.
The loan programs artificially inflate the cost of the degree – while the value is declining due to the liberal indoctrination taking place.
The student should be held accountable for their choice in major…if you chose well, your jobs would have been sufficient to pay off the loans!
The ONLY taxpayer that paid my my Hopkins degree was ME! When will my refund start? Hopkins’ Tennis curriculum was full so I was forced to major in Engineering.
Joe- SU just put out the following info-
If you DON”T get the booster- you now have to get tested twice a week. So its not a mandate that you get the booster, but they will make your life difficult if you do not.
PULL YOUR KIDS OUT OF SALISBURY UNIVERSITY RIGHT NOW. Do NOT go to any campus events. Do NOT give any money to their communist NPR stations or the Ward musuem or anything else even remotely connected with SU.
Its not just SU. Many schools implemented mandates or rules that must be followed. Dont comply, u are out….and replaced by another. Comply or get deleted. Huge demand to get into colleges. While our country has a huge demand for trade workers.
Just doesnt make sense.
can i get back all the money i repaid for my student loans?
Literally, MILLIONS of adults took out “student loans” (another wealth redistribution idea from DEMOCRATS) for the maximum amount they could get, but never really went to college much and had NO INTENTION of ever paying it back.
Worse, they keep “deferring” the payments.
You would not believe how many people making $12-15 and hour have $100,000 or more in student loans going back 10-15 years AND THEY STILL DON’T HAVE DEGREE!!!
And fully support “reparations”. They can’t spell it (not enough education), but it’s on the list of how to give worthless people MORE tax money to complain about how much more they deserve….
Now, guess what??? DEMOCRATS want to “forgive” their debt. ONLY democrats think that is all there is to it.
Nobody loses anything at all.
Except the people who are working for a living while DEMOCRATS shake them down for MORE TAXES.
They lose.
And so do the people who actually PAID their student loans off or just paid for their classes themselves.
They lose.
Democrats set up poor people to bury themselves in debt (DEMOCRATS love having their constituency poor and helpless), then set up their enemies (Republicans) to PAY FOR IT.
There should be a bounty on the heads of all democrats.
Given time, they will utterly destroy this great republic.