Adding to the pressure is a key deadline: On May 1, millions of borrowers will have to pay unless the freeze on federal student loan payments implemented during the pandemic is extended. Biden has been called upon to extend the freeze until next year – beyond the intermediate. But supporters of forgiveness, along with key Democrats, want more than just a freeze. “We have been saying for years that we need to keep payments on hold until we cancel student debt,” said Natalia Abrams, president and founder of the Student Debt Crisis Center (SDCC). Biden last extended the suspension in December. Loan payments were suspended for the first time in March 2020 under former President Trump and have since been extended five times. A growing number of Democrats are calling for a new extension, stepping up pressure on the White House. “I hope the president takes action,” Senator Cory Booker (DN.J.) told The Hill this week. “It’s something that is extremely popular, not only with people on student loans, but with families of people going to college.” White House spokeswoman Jen Psaki said Friday that a decision must be made before May. He said the government “will take into account the impact of financial data on groups of people, including students”. In 2020, Biden was one of the Democratic candidates for the presidency who called for a broad cancellation of federal student loans. The number of student borrowers has increased dramatically in the last two decades. According to the Peter G. Peterson Foundation, federal student debt has increased sevenfold, from $ 187 billion to $ 1.4 trillion between 1995 and 2017. The Federal Reserve estimated last year that about $ 1.7 trillion in student loan debt had been raised by borrowers nationwide. Biden in the campaign advocated a pardon of at least $ 10,000 in federal student loans per person. Others, including Senate Majority Leader Charles Sumer (DN.Y.), have pushed for $ 50,000 per borrower or for full debt cancellation. Democrats warn that inaction could cost them in November, when the party will try to maintain a majority in Parliament and the Senate. MP Ilhan Omar (D-Minn.), Who has called on Biden to eliminate “all student debt” in the past, said this week that she believed “inaction would be really dangerous for us in the meantime”. “Enthusiasm is really low,” Omar told Democratic voters. He added: “It is important to listen to the people who sent us to represent them and then us, and I know that writing off student debt is a priority.” Senate Health, Education, Labor, and Pensions Committee Chairwoman Patty Murray (D-Wash.) Last month called for the freeze to be extended until 2023. Since then, nearly 100 Democrats in both parliaments have also pushed for the extension, citing borrowers face inflation. “We certainly hear from borrowers who will change their voting preferences and may not even vote because of the failure to pass the student loan cancellation,” said Cody Hounanian, executive director of the SDCC. Leaders of the Progressive Parliamentary Group raised the issue with Biden at a meeting Wednesday. A spokesman for Mark Pocan (D-Wis.), Who attended the meeting, said members discussed possible next steps, including “possible cancellations, possible extensions of some of the programs we are already doing and repayments”. “The president knows very well that this is important for a lot of people who are just trying to get by and the good news is that we had a really great discussion about that and a lot of other, I think, key pocket money issues,” he said. he said. Biden requested a memorandum from the Department of Education in April to establish his authority to cancel student debt through enforcement measures. Since then, the administration has not made public whether the note is complete. The White House, when asked to comment, pointed out the “breathing space” that the pause gave to the borrowers. He also noted that no one has paid off any federal student loans since Biden took office. “The Ministry of Education will continue to work to ensure a smooth transition to repayment in May. The president is backing Congress, which is offering $ 10,000 debt relief. “And it continues to look at what debt relief measures can be taken administratively,” said a White House official. A Ministry of Education spokesman told The Hill that reducing student debt was a critical priority. The administration is “committed to providing the necessary relief and fulfilling our ultimate goal of making the college more accessible on a permanent basis,” he added. The department said it would continue to contact servers and borrowers about repayment updates. The Biden government has reportedly told companies in recent weeks not to send notices about the resumption of student loan payments. Jared Bernstein, a member of the Financial Advisory Board, acknowledged that student loan borrowers “face real debt repayment challenges” when asked during a White House press conference on Friday if borrowers were prepared to continue paying. . Bernstein also noted that White House Chief of Staff Ron Klein had previously “leaned in.” Klein signaled in early March that the White House would extend the freeze on student loan payments. Satellite imagery provides new details for mass grave in Bucha Taliban announce official ban on poppy cultivation But supporters say more action is needed. “If Biden resumes payments on May Day, we know that almost 8 million people will go bankrupt,” said Thomas Goki, Debt Collective organizer. “We do not need to stop this crisis, we need to end it. “Biden can cancel all federal student loans by signing.” The Hill has removed its comment section, as there are many other forums for readers to participate in the discussion. We invite you to join the discussion on Facebook and Twitter.
title: “Biden Faces Rising Pressure On Student Loans With Deadline Looming " ShowToc: true date: “2022-12-14” author: “Maurice Abbenante”
Adding to the pressure is a key deadline: On May 1, millions of borrowers will have to pay unless the freeze on federal student loan payments implemented during the pandemic is extended. Biden has been called upon to extend the freeze until next year – beyond the intermediate. But supporters of forgiveness, along with key Democrats, want more than just a freeze. “We have been saying for years that we need to keep payments on hold until we cancel student debt,” said Natalia Abrams, president and founder of the Student Debt Crisis Center (SDCC). Biden last extended the suspension in December. Loan payments were suspended for the first time in March 2020 under former President Trump and have since been extended five times. A growing number of Democrats are calling for a new extension, stepping up pressure on the White House. “I hope the president takes action,” Senator Cory Booker (DN.J.) told The Hill this week. “It’s something that is extremely popular, not only with people on student loans, but with families of people going to college.” White House spokeswoman Jen Psaki said Friday that a decision must be made before May. He said the government “will take into account the impact of financial data on groups of people, including students”. In 2020, Biden was one of the Democratic candidates for the presidency who called for a broad cancellation of federal student loans. The number of student borrowers has increased dramatically in the last two decades. According to the Peter G. Peterson Foundation, federal student debt has increased sevenfold, from $ 187 billion to $ 1.4 trillion between 1995 and 2017. The Federal Reserve estimated last year that about $ 1.7 trillion in student loan debt had been raised by borrowers nationwide. Biden in the campaign advocated a pardon of at least $ 10,000 in federal student loans per person. Others, including Senate Majority Leader Charles Sumer (DN.Y.), have pushed for $ 50,000 per borrower or for full debt cancellation. Democrats warn that inaction could cost them in November, when the party will try to maintain a majority in Parliament and the Senate. MP Ilhan Omar (D-Minn.), Who has called on Biden to eliminate “all student debt” in the past, said this week that she believed “inaction would be really dangerous for us in the meantime”. “Enthusiasm is really low,” Omar told Democratic voters. He added: “It is important to listen to the people who sent us to represent them and then us, and I know that writing off student debt is a priority.” Senate Health, Education, Labor, and Pensions Committee Chairwoman Patty Murray (D-Wash.) Last month called for the freeze to be extended until 2023. Since then, nearly 100 Democrats in both parliaments have also pushed for the extension, citing borrowers face inflation. “We certainly hear from borrowers who will change their voting preferences and may not even vote because of the failure to pass the student loan cancellation,” said Cody Hounanian, executive director of the SDCC. Leaders of the Progressive Parliamentary Group raised the issue with Biden at a meeting Wednesday. A spokesman for Mark Pocan (D-Wis.), Who attended the meeting, said members discussed possible next steps, including “possible cancellations, possible extensions of some of the programs we are already doing and repayments”. “The president knows very well that this is important for a lot of people who are just trying to get by and the good news is that we had a really great discussion about that and a lot of other, I think, key pocket money issues,” he said. he said. Biden requested a memorandum from the Department of Education in April to establish his authority to cancel student debt through enforcement measures. Since then, the administration has not made public whether the note is complete. The White House, when asked to comment, pointed out the “breathing space” that the pause gave to the borrowers. He also noted that no one has paid off any federal student loans since Biden took office. “The Ministry of Education will continue to work to ensure a smooth transition to repayment in May. The president is backing Congress, which is offering $ 10,000 debt relief. “And it continues to look at what debt relief measures can be taken administratively,” said a White House official. A Ministry of Education spokesman told The Hill that reducing student debt was a critical priority. The administration is “committed to providing the necessary relief and fulfilling our ultimate goal of making the college more accessible on a permanent basis,” he added. The department said it would continue to contact servers and borrowers about repayment updates. The Biden government has reportedly told companies in recent weeks not to send notices about the resumption of student loan payments. Jared Bernstein, a member of the Financial Advisory Board, acknowledged that student loan borrowers “face real debt repayment challenges” when asked during a White House press conference on Friday if borrowers were prepared to continue paying. . Bernstein also noted that White House Chief of Staff Ron Klein had previously “leaned in.” Klein signaled in early March that the White House would extend the freeze on student loan payments. UN leader’s shocked by Bucha images, calls for inquiry into deaths Trump backs Sarah Palin in Alaska special election But supporters say more action is needed. “If Biden resumes payments on May Day, we know that almost 8 million people will go bankrupt,” said Thomas Goki, Debt Collective organizer. “We do not need to stop this crisis, we need to end it. “Biden can cancel all federal student loans by signing.” The Hill has removed its comment section, as there are many other forums for readers to participate in the discussion. We invite you to join the discussion on Facebook and Twitter.
