Roommates, if you were counting on President Biden to extend student loan repayment options—you’re in for some bad news. The President just announced that not only will the deadline not be extended, but all student loan payments will officially resume on February 1, 2022.
Back during his time on the campaign trail before he was ultimately elected president, one of Joe Biden’s major promises was to permanently end student loan payment—and promise that he continued to insist was in the works even as recent as a few months ago. However, based on a recent announcement from President Biden via White House Press Secretary Jen Psaki, that is not going to happen.
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Psaki explained what is expected next, as various fellow Democrats, progressives and liberals are highly critical of this latest announcement. “In the coming weeks, we will release more details about our plans. We will engage directly with federal student loan borrowers to ensure they have the resources they need and are in the appropriate repayment plan. A smooth transition back into repayment is a high priority for the administration,” she said.
After being pressed by the media who were in attendance during the press conference, Psaki elaborated on President Biden’s intentions regarding his decision. She stated, “The Department of Education is already communicating with borrowers to help them to help to prepare for return to repayment on February 1. 41 million borrowers have benefitted from the extended student loan payment pause, but it expires February 1st, so right now we’re just making a range of preparations.”
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