Freeze the debt: Schumer to urge Biden to extend pandemic pause on student loan payments (New York: income)

[Aeran]

FYI

https://www.amny.com/education/stude...schumer-biden/

The clock’s ticking on 2.4 million New Yorkers saddled with $91.6 billion in student loan debt who they must begin repaying in February, when the federal government’s pandemic-related payment pause.

While many of them might seek forgiveness from their loans, they and millions of other Americans burdened with student debt are facing a good chunk of their income being lost once the pause expires, according to Senate Majority Leader Chuck Schumer. With that in mind, Schumer said on Monday he wants to do the next best thing to forgiveness: urging the Biden Administration to extend the pause beyond Feb. 1 to a later date.

“If we don’t extend the pause on payments, then that horrendous interest will pile up at a time when too many are still not financially prepared to shoulder a giant monthly bill,” Schumer said in a Dec. 6 statement. “Moreover, with Omicron spreading, the uncertainty with what happens next demands at least one more extension of the student loan payment pause.”

Schumer’s push for an extended pandemic student loan pause comes on the heels of the national”Student Debt x COVID-19″ survey conducted by the Student Debt Crisis Center, a nonprofit organization, and Savi. The recently-released report on the survey concluded that some 89% of borrowers with full-time jobs said they aren’t financially secure enough to resume making their student loan payments as of Feb. 1. One in five borrowers said they will likely never been able to resume making payments.

[nep321]

All student debt in America should be cancelled ASAP. We've bailed out the big banks. We've bailed out the big auto makers. But when it comes to bailing out students....opponents say "too bad, you should not have made poor decisions." This country repeatedly puts people LAST and repeatedly puts big corporations FIRST. It's disgusting and shameful.