President Biden announced the expansion of student debt payment freezes, citing the continued economic hardships brought on by the COVID-19 pandemic.
has called on him to cancel up to $50,000. Former President Donald Trump first issued a freeze on repayments in 2020.
"If loan payments were to resume on schedule in May, analysis of recent data from the Federal Reserve suggests that millions of student loan borrowers would face significant economic hardship, and delinquencies and defaults could threaten Americans’ financial stability," Biden said. President Biden speaks during an event about the Affordable Care Act at the White House, Tuesday, April 5, 2022.said there should be "immediate" congressional action on student loans, after Democrats suggested he should sign an executive order to forgive student debt.
"Immediate $10,000 forgiveness of student loans, helping people up there in real trouble," Biden said in 2020. "They’re having to make choices between paying their student loan and paying the rent. Those kinds of decisions." The comments came after Senate Minority Leader Chuck Schumer, D-N.Y., urged Biden to bypass Congress and cancel billions of dollars in student loan debt through executive action.
However, Biden has continued to kick the can down the road, repeatedly dismissing direct action on the issue and instead suggesting a congressional action.
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