Federal student loan borrowers were granted a renewal of the repayment freeze. President Joe Biden signed off on the three-month extension Friday, Aug. 6, and borrowers will not be required to make payments until after Jan. 31.
According to a statement issued by the U.S. Department of Education, this renewal will be the final extension.
“The payment pause has been a lifeline that allowed millions of Americans to focus on their families, health, and finances instead of student loans during the national emergency,” said U.S. Secretary of Education Miguel Cardona. “It is the Department’s priority to support students and borrowers during this transition and ensure they have the resources they need to access affordable, high quality higher education.”
Since being elected, Biden has faced pressure from progressive democrats to cancel as much as $50,000 of student debt per borrower. With the news of a final extension, several lawmakers have referred to Jan. 31 as “the deadline to cancel student debt. No more extensions required,” said Rep. Jamaal Bowman (D-N.Y.) in a tweet.
Senators Chuck Schumer, Elizabeth Warren, and Representative Ayanna Pressley released a joint statement Friday, insisting that canceling student debt would be “one of the most significant actions that President Biden can take right now to build a more just economy and address racial inequity.”