President Joe Biden announced last month that the continuing student loan payment suspension and interest freeze will be extended until May 1, 2022. While activists and legislators argue whether more student loan forgiveness should be granted, the Biden administration is preparing for the resumption of repayment this spring.
The Government Accountability Office (GAO) issued a report this week describing the administration’s extraordinary intentions to put 40 million student loan borrowers back into repayment, the vast majority of whom have not made any payments on their loans in nearly two years.
Biden is urged to make student loan forgiveness a top priority
Per Forbes, borrowers will be bombarded with communication from the Department of Education and its contracted loan servicers about returning to repayment. You may get many emails, letters in the mail, and phone calls, with the majority of these communications coming from the Department of Education. To inform debtors of the resumption to repayment, the Department will update its website and use social media.
According to a CNBC poll issued Friday, 57 percent of the 5,162 Americans polled want Biden to make student loan forgiveness a high or moderate priority. Younger voters are the most enthusiastic about the subject, with 37 percent of Gen Z respondents wanting Biden to make loan forgiveness a top priority, and 34 percent of millennials agreeing.
Biden told Americans throughout the campaign that he would not only overhaul the student loan industry and its faulty loan forgiveness
President failed to do his pledge to solve the student loan issue
He has yet to make good on that pledge, and the $1.7 trillion student loan crisis, which affects 45 million Americans, is worsening, with voters becoming increasingly angry with his inaction.
An insider previously spoke with a Biden supporter who believed he would help her pay off her student loans, but now feels “betrayed” by the lack of action on the matter.
And several Democratic politicians have warned of the political ramifications if student loan forgiveness is continued to be put on the back burner. In December, New York Rep. Alexandria Ocasio-Cortez said it’s “actually delusional” to believe Democrats can win elections without implementing progressive ideas like student debt relief, Business Insider reported.