Personal Finance

Biden Wants Congress To Extend Eviction Moratorium, But Hasn’t Extended Student Loan Relief

President Joe Biden wants Congress to extend the eviction moratorium, but he hasn’t extended student loan relief for millions of student loan borrowers.

Here’s what you need to know.

Student Loans

Biden is calling on Congress to extend the federal eviction moratorium, which prohibits landlords from evicting tenants who don’t pay rent during the Covid-19 pandemic. The eviction moratorium, which has helped millions of Americans who are struggling financially during the pandemic, is set to expire Saturday. Last month, the U.S. Supreme Court ruled that any extension of the eviction moratorium would require an act of Congress. As Biden calls on Congress to extend the eviction moratorium, temporary student loan relief for millions of student loan borrowers is set to expire on September 30, 2021. Student loan borrowers may be wondering: “When will Biden extend student loan relief?” To date, Biden has not extended student loan relief, which means student loan payments are set to resume starting October 1. Senate Majority Leader Chuck Schumer (D-NY) and Sen. Elizabeth Warren have called on Biden to extend temporary student loan forbearance until at least March 2022 so that student loan borrowers have more time to recover from the Covid-19 pandemic. Schumer and Warren are concerned about impending student loan default and Warren says that student loan servicers are not prepared for student loan borrowers to make student loan payments again. Unlike the eviction moratorium, Biden doesn’t need Congress to act. Biden can extend temporary student loan forbearance through executive action, like he did in January for eight months. Why hasn’t Biden extended student loan relief? Here are some potential reasons why:

1. Student loan relief doesn’t expire until September 30, 2021, so perhaps Biden is waiting

The eviction moratorium expires Saturday. However, student loan relief doesn’t expire until September 30. Therefore, one reason Biden hasn’t extended student loan relief is that the expiration date is several months away. It’s possible that Biden is waiting until a date closer to the September deadline to make an announcement. Alternatively, Biden may wait to monitor the economy and the status of the Covid-19 pandemic. So, it’s possible that Biden extends student loan relief, even if the eviction moratorium and unemployment benefits expire. If Biden extends temporary student loan relief, here are 5 options he could pursue.


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