(DCWatchdog.com) – BREAKING NOW: Just moments ago, President Joe Biden announced that he is once again extending the “pause” in the repayment of federal student loans.
In recent weeks, Biden had been under significant pressure from the far-left members of the Democratic Party to extend the moratorium on federal student loan repayments.
As reported by National Review, “The Biden administration on Wednesday extended a pandemic-era student loan moratorium that was set to expire on January 31, allowing millions of Americans to continue to put off debt payments until May 1. The move keeps interest rates at 0 percent during that period and suspends debt-collection efforts – measures that were first put in place early in the Covid-19 pandemic.” [emphasis added]
Further, “The extension, which applies to more than 36 million Americans who have student loans that are held by the federal government, comes amid concerns about a surge in Covid-19 cases as the highly transmissible Omicron variant spreads in the U.S.” [emphasis added]
As you’ll see in the text of a written statement issued by the White House, Biden opined, “We know that millions of student loan borrowers are still coping with the impacts of the pandemic and need some more time before resuming payments. This is an issue Vice President Harris has been closely focused on, and one we both care deeply about.”
Of course, as one financial advisor told us this morning after the news of the extended moratorium broke, he wonders what all the folks who are struggling to buy food and pay rent and mortgages think about one segment of society – student loan borrowers – getting a break when they are not getting any relief.