Will the government extend the student loan repayment pause?
WASHINGTON (NEXSTAR) — Just two weeks left before student loan payments are set to resume, the Biden Administration has yet to announce its game plan.
While United States Secretary of Education Miguel Cardona is not able to share some of the details of deliberations, “daily conversations are happening,” he said.
Cardona said he is in close talks with the White House to determine if the payment pause will continue.
“Look, we recognize so many Americans are waiting for answers on this. We want to make sure that we communicate with them and when it is time to repay loans, that they have a long on-ramp,” said Cardona.
The White House said it is also considering forgiving up to $10,000 in student debt per borrower. But that is a far cry from the $50,000 many democrats on Capitol Hill say is necessary.
“Reducing the burden is one of the top priorities we can have,” said Rep. Judy Chu, D-CA.
Chu pushed for the larger amount.
“We have to have some movement on this,” she said.
Wisdom Cole with the NAACP said if the Biden administration truly wants to help close the income gap between Black and white Americans, they must be bold.
“We know that the average Black borrower has about $53,000 in student debt … this is really something that could change the lives of voters all across the country,” Cole said.
Cole warns failing to act could hurt democrats in the midterm elections.
“As we further see delays with this announcement, voters are really getting anxious,” he said.
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