Student Loans

Organizations Urge President Biden To Extend Student Loan Payment Pause

CFA joined 225 organizations in a letter urging President Biden to extend the student loan payment pause. Over 26 million borrowers have applied for relief and 16 million applicants have been approved for forgiveness, yet the cancellation is in limbo due to pending court decisions. Despite this, student loan payments are set to resume at the end of 2022 for the first time in nearly three years. This threatens to set borrowers back financially as our country grapples with the lasting effects of the COVID-19 pandemic, as our economy continues to experience the highest level of inflation in nearly four decades, and as government regulators sound alarms on rising levels of borrower distress. The organizations urged the President to continue to use every legal authority at his disposal to fight to ensure that borrowers receive the debt relief they need.