President Biden announced he has extended the grace period for 41 million Americans for repaying student loans for an additional 90 days, extending it through May 1, 2022, giving some relief to people impacted by the coronavirus, the Washington Post reports.
“Now, while our jobs recovery is one of the strongest ever — with nearly 6 million jobs added this year, the fewest Americans filing for unemployment in more than 50 years, and overall unemployment at 4.2 percent — 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,” Biden said in a statement.
“This is an issue Vice President Harris has been closely focused on, and one we both care deeply about,” he continued. “Given these considerations, today my Administration is extending the pause on federal student loan repayments for an additional 90 days — through May 1, 2022 — as we manage the ongoing pandemic and further strengthen our economic recovery.”
Progressive advocates have urged Biden to forgive all or a portion of individuals’ student loan debt, saying that the debt stifled the economic impact for college graduates over decades.