Student Loan Repayments Extended Again, Until January 2022

[arnoldwsimmons]

Student loan repayment pause extended to January 2022 by Biden administration

The Biden administration has extended the pandemic payment pause related to federally-backed student loan debt to January 31, 2022.

www.yahoo.com

Student loan repayment pause extended to January 2022 by Biden administration
Michael B. Kelley and Aarthi Swaminathan
Fri, August 6, 2021, 2:54 PM·2 min read

The Biden administration has extended the pandemic payment pause related to federally-backed student loan debt to January 31, 2022.

"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,” U.S. Secretary of Education Miguel Cardona stated in a press release. “As our nation’s economy continues to recover from a deep hole, this final extension will give students and borrowers the time they need to plan for restart and ensure a smooth pathway back to repayment."

The payment pause was first enacted by former President Donald Trump in March 2020 and initially extended by President Biden through September 2021.

A source familiar with the decision told Yahoo Finance that the extension is meant to "give borrowers the certainty they need" since the payment pause has largely been open-ended amid the pandemic.

"Giving them a final time would help them make transition and give them time to prepare repayment," the person added, explaining the "final extension" messaging of the statement.

Federal actions amid the pandemic will lead to roughly $100 billion in total student loan forgiveness between March 2020 and September 2021, according to Education Department (ED) data and analysis from experts, providing a financial lifeline to the roughly 45 million student loan borrowers owing more than $1.7 trillion in outstanding federally-backed debt.

Advocates and politicians have expressed deep concern about debtors' ability to repay their loans post-pause. One of the chief concerns is a possible spike in delinquencies and defaults.

If the payment pause ended as scheduled in October, "we are facing a student loan time bomb that when it explodes could throw millions of families over a financial cliff," Senator Elizabeth Warren (D-MA) told Yahoo Finance in May.

The Education Department "will begin notifying borrowers about this final extension in the coming days," the press release added, "and it will release resources and information about how to plan for payment restart as the end of the pause approaches."

 

[DC_Dude]

Thanks for reporting this my G.

 

[Dr. Truth]

But But But BIDEN!!!!!!!!!!

 

[code_pirahna]

Oh wow

 

[code_pirahna]

But But But BIDEN!!!!!!!!!!

He aint do nuttin fo da blaaaaaackkkss!!!!!

 

[Gazoo]

I'm going to take an unpopular opinion here. A pause is cool. Gives me a chance to get their act together.

HOWEVER, if you borrowed money you should pay it back. People with mortgages and other types of loans are expected to pay back.

People go to college primarily to get a better job and make more money and to be more marketable. Many of these students became dropouts. You still owe. Many that graduated with a 2.2 in Theater Science and are now Ubering or working at the bagel shop. You still owe.

 

[d-weezy]

I'm going to take an unpopular opinion here. A pause is cool. Gives me a chance to get their act together.

HOWEVER, if you borrowed money you should pay it back. People with mortgages and other types of loans are expected to pay back.

People go to college primarily to get a better job and make more money and to be more marketable. Many of these students became dropouts. You still owe. Many that graduated with a 2.2 in Theater Science and are now Ubering or working at the bagel shop. You still owe.

There are mortgage relief programs going on due to COVID and student loan payment halts for the past year and a half hasn't broken the economy and millionaires are becoming billionaires, so obviously they don't really matter.

It boils down to the "It's not fair" crowd.

 

[durham]

He isn't clearing balances, so this is nothing more than push it down the line lip service. Clap for bullshit results, I guess.

2022 is coming and Biden is slow moving everything. I am voting, but don't get mad when folks don't show up in the midterms with nothing to get excited about.

 

[RoadRage]

Students who die before them = Sticking it to the man!

 

[Amajorfucup]

People with mortgages and other types of loans are expected to pay back.

People with mortgages have an appreciating asset of real property. And if they want to walk away from the loan they can.

 

[Amajorfucup]

He isn't clearing balances, so this is nothing more than push it down the line lip service. Clap for bullshit results, I guess.

2022 is coming and Biden is slow moving everything. I am voting, but don't get mad when folks don't show up in the midterms with nothing to get excited about.

Yep.

 

[Mrboogieallnight]

So does this help for this loan I apparently had in 1995 that they just getting at me about?

 

[Man_Of_STeeL]

is the interest still accruing?

 

[Gazoo]

People with mortgages have an appreciating asset of real property. And if they want to walk away from the loan they can.

I here what you're saying. There's many fine points here. And the comparison between a student loan and a house mortgage might be a stretch. However, they're both loans. I have property and have had some with a mortgage. Simply walking away without suffering financially was not an option. Loss of appreciation and credit. Many did walk away after the 2008 crisis and they took a hit. Many couldn't even rent an apartment after that.

Understand I'm not against this "pause", but initially Biden and others were talking about dismissing loans for approximately $60K. Pay it back. It's not fair to those that did bust their ass and paid it off.

 

[Dirtylakerie]

He isn't clearing balances, so this is nothing more than push it down the line lip service. Clap for bullshit results, I guess.

2022 is coming and Biden is slow moving everything. I am voting, but don't get mad when folks don't show up in the midterms with nothing to get excited about.

Thats exactly whats going to happen.

 

[Amajorfucup]

I here what you're saying. There's many fine points here. And the comparison between a student loan and a house mortgage might be a stretch. However, they're both loans. I have property and have had some with a mortgage. Simply walking away without suffering financially was not an option. Loss of appreciation and credit. Many did walk away after the 2008 crisis and they took a hit. Many couldn't even rent an apartment after that.

Point being.. you can walk away.

Understand I'm not against this "pause", but initially Biden and others were talking about dismissing loans for approximately $60K. Pay it back. It's not fair to those that did bust their ass and paid it off.

We're adults. Fairness is a idea for children under 10. It isnt fair i pay a shit load of taxes for you people and your bastard kids to attend public school.. homeless shelters.... or poor peoples welfare, or working class people Obamacare... or incompetent police officers salaries.. etc.. etc..

Its just odd for you guys to ignore all the shit we unfairly par for your entire life then take a hard stance on student loan debt accrued by working class folk and contributing members of society.

 

[HeathCliff]

I here what you're saying. There's many fine points here. And the comparison between a student loan and a house mortgage might be a stretch. However, they're both loans. I have property and have had some with a mortgage. Simply walking away without suffering financially was not an option. Loss of appreciation and credit. Many did walk away after the 2008 crisis and they took a hit. Many couldn't even rent an apartment after that.

Understand I'm not against this "pause", but initially Biden and others were talking about dismissing loans for approximately $60K. Pay it back. It's not fair to those that did bust their ass and paid it off.

I'm indifferent on this. I paid off my student loans three years ago with one big lump sum thanks to catching the crypto XRP thread early

But anyway, I don't even know if I'd be happy with a pause cause that shit will still be there waiting on me when its over

 

[code_pirahna]

Naw man fukkkk dat......Fukkk dat he just saved folks hundreds of dollars on interest and hundreds of dollar per month

Where are my reparations?????? fuck you Joe and your free loan forbearance... I should have never voted for you dirty muthafuckas!!!!

 

[DC_Dude]

Another point is the interest on student loans. If you talk to people with student loans, they don’t mind paying them, but with rates as high as 7%, it takes people forever to pay it back.
Reduce it maybe to 2-3% and more money can go towards the principle.

 

[code_pirahna]

He isn't clearing balances, so this is nothing more than push it down the line lip service. Clap for bullshit results, I guess.

2022 is coming and Biden is slow moving everything. I am voting, but don't get mad when folks don't show up in the midterms with nothing to get excited about.

Its called the time value of money....Folks aren t paying their loans and interest is 0. So someone can stack cash. If they don t go vote then they deserve what they get.

 

[p5ych3]

Had a feeling they would do something like this. I never stopped paying. I had consolidated last year as part of my home purchase and got a lower payment. But kept paying double.0

 

[Moore]

Cancel my shit Joe.

 

[Rudey]

Point being.. you can walk away.

We're adults. Fairness is a idea for children under 10. It isnt fair i pay a shit load of taxes for you people and your bastard kids to attend public school.. homeless shelters.... or poor peoples welfare, or working class people Obamacare... or incompetent police officers salaries.. etc.. etc..

Its just odd for you guys to ignore all the shit we unfairly par for your entire life then take a hard stance on student loan debt accrued by working class folk and contributing members of society.

This. How many things we benefit from that other ppl fought for!

 

[55th View]

 

[playahaitian]

good

 

[DC_Dude]

 

[DC_Dude]

 

[HotNixon36]

This helps a lot of people...

 

[DC_Dude]

White House Confirms: Major Changes To Public Service Loan Forgiveness Are Imminent

The White House this week has confirmed that the Biden administration will be implementing significant changes to the Public Service Loan Forgiveness (PSLF) program, and a formal announcement outlining potentially sweeping reforms is imminent.

www.forbes.com

 

[DC_Dude]

 

[DC_Dude]

 

[DC_Dude]

 

[DC_Dude]

 

[DC_Dude]

THESE ARE MAJOR CHANGES

 

[DC_Dude]