STATEMENT: Critical Extension of Student Loan Payment Pause Will Give Borrowers Needed Economic Security
Washington, D.C. — Today, the Biden administration announced it is extending the payment pause for approximately 40 million federal student loan borrowers through May 1, 2022. Last week, the Center for American Progress sent a letter to the administration calling for an extension of the student loan payment pause for the duration of the national emergency. Jared C. Bass, senior director for Higher Education at CAP, issued the following statement in response:
Today’s announcement to extend the payment pause is another example of the administration’s leadership and responsiveness to the ever-evolving challenges posed by the pandemic. In one week, the omicron variant increased from 13 percent to 73 percent of cases in the United States. This new wave of COVID-19 cases could undermine workers’ ability to remain on the job safely. It also poses the risk of exacerbating long-standing inequities in education, the economy, and health outcomes by race and ethnicity, especially for Black borrowers.
Critically, this decision will give student loan borrowers the economic security they need to weather this new variant and highlights the administration’s commitment to helping them.
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