WASHINGTON, D.C. – The Biden Administration announced today that it will extend the federal student loan payment pause until May 1st, 2022.
In response, Jaylon Herbin, outreach associate at the Center for Responsible Lending (CRL), made the following statement:
We commend the President for safeguarding student loan borrowers at a time of profound economic uncertainty. The extension of the payment pause is a critical step toward restoring economic stability for borrowers and their families. We urge the Biden Administration to continue extending the payment pause until the pandemic and the associated economic crisis have been overcome.
We also urge the Administration to provide more permanent and substantial student loan relief in the form of $50,000 cancellation per borrower. Millions of Americans, especially borrowers of color and low-income borrowers who are disproportionately affected by the burdens of an unforgiving public health crisis and slow wage growth, need long-lasting relief.
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