“We know that millions of student loan borrowers are still coping with the impacts of the pandemic,' the president said.
“We know that millions of student loan borrowers are still coping with the impacts of the pandemic," the president said.WASHINGTON — The Biden administration on Wednesday extended a student loan moratorium that has allowed millions of Americans to put off debt payments during the pandemic.
“We know that millions of student loan borrowers are still coping with the impacts of the pandemic and need some more time before resuming payments,” he said in a statement.that has swept through the U.S. with a fury has lent a new urgency to the question over whether the moratorium would be extended. Administration officials had initially said they expected the January extension to be the last.
, according to the latest Education Department data. About a third of borrowers are in default or delinquency and the average monthly payment is $400 a month.Education Secretary Miguel Cardona said in a statement that the extension will allow for repayment plans responsive to the financial needs of the students, including an income-driven repayment plan.
The Trump administration initially suspended federal student loan payments in March 2020 and later extended it through January 2021. Biden has now moved to continue it twice, and the Education Department raised concerns about the effects of suddenly restarting payments, both for students and administratively within the department.
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