Less than two weeks ago, White House Press Secretary Jen Psaki told reporters that there wouldn’t be any more extensions.
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After months of menacing “Don’t forget to set up autopay” emails from your loan provider, you can tell them to lose your address for the next 90 days. Yesterday, President Biden extended the freeze on student loan payments and interest accrual to May 1.
A moratorium on student loan payments has been in place since March 2020, but after receiving a number of extensions, it was set to expire on Jan. 31. Less than two weeks ago, White House Press Secretary Jen Psaki told reporters that there wouldn’t be any more extensions—but Biden said the still-raging pandemic changed those plans.
- According to a survey by progressive think tank Data for Progress, 49% of roughly 500 student loan borrowers felt “not at all confident” they’d be able to make payments that started on Feb. 1.
Big picture: Before he was elected, Biden said he supported canceling $10,000 in student loans per borrower. He’s facing growing pressure from students and progressive politicians to make good on that campaign pledge, but some members of his party, like New York Rep. Alexandria Ocasio-Cortez, have urged him to cancel student debt altogether.—MM
