Personal Finance

Here’s Who Wants Biden To Postpone Student Loan Payments Beyond September 30

Here’s a list of who wants President Joe Biden to postpone student loan payments beyond September 30, 2021.

Here’s what you need to know — and what it means for your student loans.

Student Loans

Absent an extension, your federal student loan payments will be due again starting October 1. Your regular interest rate will also resume, and collection of any student loans in default will restart. Tens of millions student loan borrowers have received temporary student loan forbearance — including a pause on federal student loan payments and no interest — since March 2020. However, a chorus of student loan advocates say restarting student loan payments will hurt student loan borrowers and result in financial disaster, including student loan default. Here’s a partial list of who wants Biden to postpone student loans:

1. Pause student loans: progressive members of Congress

In June, 64 progressive members of Congress — including Sen. Elizabeth Warren (D-MA) and Senate Majority Leader Chuck Schumer (D-NY) wrote a letter to Biden urging him to pause student loans and freeze student loan interest until March 31, 2021 or until the economy reaches pre-pandemic employment levels, whichever is longer. The members of Congress wrote that restarting student loan payments will hurt the economy, cause financial distress for student loan borrowers, and result in student loan default. “President Biden should cancel student debt, but in the meantime he should extend the payment pause so that borrowers aren’t hurt,” Warren said.

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