Biden Administration Extends Student Debt Moratorium to August 31st
April 6, 2022 By: Freedom to Prosper Team
Today, the Biden Administration announced the extension of student debt repayments from May 1st to August 31st, the sixth extension since the beginning of the pandemic. Roughly 37 million borrowers have been waiting to hear whether or not payments would resume, and for most of them, it will be the first time they would have to start making payments since the pause began back in March 2020.
Estimates show that borrowers have saved an average of nearly $400 per month, not having to repay their student loans. That’s hundreds of dollars every month back in the pockets of young people and families to put food on the table, help buy a car, pay off credit cards, or other helpful means.
As the NAACP President recently stated, “If you can afford to pause student loan payments over and over again, you can afford to cancel it.” We agree! That’s why we have been consistent, unwavering advocates for full student debt cancellation and are urging Congress to pass legislation to provide economic relief for 47 million student loan borrowers and their families.
It’s past time we reimburse students for their commitment to higher education and for their patriotism to our country. Let’s cancel student debt now.