Biden to delay student loans repayment, again extending pause, as Dems push for forgiveness
President Joe Biden plans to extend the moratorium on federal student loan payments through August 31, Associated Press reported, citing a federal official.
Student loans: For millions of Americans, student loan limbo will continue for the next three months.
The move will mark the fifth extension since the pause took effect in March 2020.
Student loans: This time, inflation is climbing and gas prices are rising in connection with Russia's invasion of Ukraine.
All the while, the nation's $1.7 trillion student loan loan portfolio continues to grow, with no concrete direction for the debtor.
The Department of Education has previously said the freeze saves 41 million borrowers about $5 billion per month.
Student loans: Some Democratic lawmakers, including Senate Majority Leader Chuck Schumer and Sen.
Student loans: But Biden has said that he believes such action should be taken by Congress.
It's likely an uphill battle with an equally divided Senate and Republicans widely opposed to loan forgiveness.
Student loans: The president campaigned for debt forgiveness of up to $10,000 per borrower.
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