In a swift move following his inauguration, President Joe Biden took significant action to support Americans dealing with student loan debt. On his first day as president, he signed executive orders directing the Department of Education to extend the pause on federal student loan payments until September 30 and set the interest rate for federal loans to 0%. This decision underscores the administration’s commitment to addressing the nation’s staggering $1.6 trillion student debt crisis.
Among the 17 executive actions Biden signed, many were targeted at providing financial relief amid the ongoing challenges posed by the COVID-19 pandemic. These included extending the federal moratorium on evictions and foreclosures, potentially shielding many Americans from severe financial distress in the coming months.
The pause on student loan payments had been previously discussed in a COVID relief bill passed by Congress in December but was ultimately excluded from the final legislation. Without Biden’s intervention, loan payments were scheduled to restart at the end of January, affecting over 40 million Americans with federal student loans, a significant portion of whom are already in default. A survey by Pew Research in November indicated that nearly 60% of borrowers would find it “somewhat” or “very difficult” to resume payments.
During his campaign, Biden vowed to tackle the student debt issue, although the specifics of his plan remain uncertain. He has endorsed Congressional proposals to forgive $10,000 in federal loans for borrowers, but some party members, like Senator Elizabeth Warren, advocate for $50,000 in forgiveness, while Senator Bernie Sanders calls for complete cancellation of federal loans.
On a positive note, Biden appointed Miguel Cardona as the new education secretary, a seasoned educator with two decades of classroom experience. This selection contrasts sharply with the previous administration’s choice, Betsy DeVos, who lacked teaching experience. With these changes, there seems to be hope for a brighter future for American students.
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Summary:
President Biden has extended the pause on federal student loan payments until September 30, affirming his commitment to addressing the student debt crisis. This executive action, part of a broader relief strategy amid the pandemic, aims to support millions of borrowers facing financial hardship.
Keyphrase: Student loan payment pause
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