Millions of student-loan borrowers risk a 'hasty and reckless return to repayment' in February if Biden doesn't extend the pandemic pause, over 200 orgs say

Asia's Tech News Daily

Millions of student-loan borrowers risk a 'hasty and reckless return to repayment' in February if Biden doesn't extend the pandemic pause, over 200 orgs say
© Provided by Business Insider President Joe Biden. Chip Somodevilla/Getty Images

  • Over 200 organizations are urging President Biden to extend the student-loan payment pause.
  • They wrote the pause should be extended until Biden fulfills his promises of debt cancellation.
  • Payments resume in less than 2 months, and many borrowers say they are not ready.

With the pause on student-loan payments set to end in 55 days while COVID-19 is ongoing, many lawmakers, advocates, and borrowers have a message for President Joe Biden: extend the pause.

The Student Borrower Protection Center led over 200 organizations, including the American Civil Liberties Union (ACLU), in sending a letter to Biden on Wednesday urging him to “put a stop to this crisis in the making before it begins and extend the current pause on student loan payments.”

“It is clear that payments should not resume until your administration has fully delivered on the promises you made to student loan borrowers to fix the broken student loan system and cancel federal student debt,” the organizations added.

The letter pointed out how, according to Education Department data, the 0% interest rate during the payment pause saved borrowers $5 billion each month, and even though payments will have been on pause for nearly two years come February, both borrowers and the student-loan industry will not be ready to transition back into repayment.

For example, although the Education Department has taken steps during the pandemic to fix broken student-loan forgiveness programs, like Public Service Loan Forgiveness for people in professions like teacher, firefighters, or non-profit work, many of those borrowers are still waiting for relief due to processing backlogs.

And although the CARES Act prohibited wage garnishment for student-loan borrowers behind on payments, Insider previously reported that wages were still being illegally garnished and some of those impacted borrowers have yet to receive relief.

Given these ongoing challenges, “the prospect of a hasty and reckless return to repayment should be cause for alarm,” the organizations said.

Biden campaigned not only on fixing loan forgiveness programs — he also promised to approve $10,000 in student-debt cancellation for every borrower. While he has canceled about $11.5 billion in student debt for targeted groups of borrowers, like those defrauded by for-profit schools, which is authority provided within the law, he has yet to take executive action on broad loan forgiveness.

Senate Majority Leader Chuck Schumer also recently called for Biden to extend the payment pause, citing new uncertainty with the Omicron variant.

“If we don’t extend the pause, interest rates just pile up. Students owe a fortune,” Schumer said. “And with omicron here, we’re not getting out of this as quickly as we’d like.”

“We want the country to ultimately cancel student debt, but in the meantime, extend the pause,” he added. “The pause must prevail.”

Read the original article on Business Insider

Internet Explorer Channel Network
Asia's Tech News Daily
News Related

OTHER NEWS

Outlook 2022: Trends in the education landscape

© Provided by The Financial Express Thus, programmes on skilling, reskilling and upskilling are taking centre-stage to minimise the gap and align with industry demands, while promoting the ‘learn and ... Read more »

In UP, politics is second career for many bureaucrats, cops

© Provided by The Times of India LUCKNOW: When ex-IPS officer Asim Arun and former IAS officer Ram Bahadur formally joined BJP on Sunday, the development marked a conspicuous trend ... Read more »

India@2047: Govt's plan with focus on ease of living likely to be ready by May

© Provided by The Times of India NEW DELHI: Centre is readying an action plan for India@2047, when the country will complete 100 years of independence with 10 sectoral group ... Read more »

78% bankers see frauds rising in 2 years: Survey

© Provided by The Times of India TNN Mumbai: Around 78% of bankers expect frauds to increase over the next two years because of the current business disruption due to ... Read more »

Banks' e-biz ambitions set to face talent crunch

© Provided by The Times of India Mumbai: Banks are set to face a major challenge in finding talent to meet their digital ambitions. While banks have the resources to ... Read more »

Budget must give capex a boost

© Provided by The Financial Express New-project-starts in the December 2021 quarter, stood at Rs 1.9 lakh crore, more or less in line with the amounts seen in the previous ... Read more »

'Cashless treatment' scheme for NH crash victims set for launch

© Provided by The Times of India NEW DELHI: The National Highways Authority of India (NHAI) has invited bids from insurance companies for the roll-out of “cashless treatment” scheme for ... Read more »

Farrah Abraham involved in altercation at Los Angeles club

© Bang Showbiz Farrah Abraham has been involved in an altercation Farrah Abraham was arrested on Saturday (15.01.22) for allegedly slapping a security guard. The 30-year-old star was at the ... Read more »

Carjacking suspect who escaped cops turns himself in after three days on lam

Akeem Williams found his way out of the handcuffs, fleeing the area. Paul Martinka A suspected carjacker who escaped from a Brooklyn hospital while in NYPD custody surrendered Saturday after ... Read more »

Tonga turned into ‘moonscape' by ash from ‘once-in-millennium' volcanic eruption

Ash from an erupted underwater volcano has made Tonga look “like a moonscape,” according to residents of the Pacific island. Particles emitted by the eruption of the Hunga-Tonga-Hunga-Ha’apai volcano – ... Read more »

Texas attack: Hostage-taker identified as Blackburn man Malik Faisal Akram

UK counter-terrorism officers are working with authorities in the US after a British hostage-taker was shot dead after an hours-long stand-off at a synagogue. The man has been identified as ... Read more »

Walmart is getting serious about the metaverse

© Photo by Yichuan Cao / NurPhoto via Getty Images Walmart’s recent trademark applications suggest that it wants to break into the metaverse. Walmart appears to be getting ready for ... Read more »

Atalanta knüpft Inter Mailand einen Punkt ab

© KEYSTONE/EPA/PAOLO MAGNI Remo Freuler holt mit Atalanta Bergamo einen Punkt gegen Meister Inter Mailand. Milan könnte nun am Montag zum Profiteur werden. Inter Mailand hat in der 22. Runde ... Read more »

Test mit kühleren Heizdecken - Problem Reifen-Luftdruck und Temperatur

© Motorsport Images Die Formel 1 ist die einzige größere Rennserie weltweit, in der Heizdecken noch erlaubt sind. Doch auch in der Königsklasse sind die Tage der Reifenwärmer gezählt. Die ... Read more »

Remote job postings for NYC firms nearly quadruple in seismic shift

Remote work positions from New York City businesses have quadrupled in the past year, according to data. Getty Images New York City firms offered nearly quadruple the number of remote ... Read more »

GOP governor hopefuls slam millionaire's donation to ‘pro-criminal' Manhattan DA Bragg

Harry Wilson admitted that he gave $1,000 to Bragg on June 21, 2020 because he said the two of them were friends from their time together at Harvard University. ASSOCIATED ... Read more »

SEAT And Cupra Quadrupled Plug-In Car Sales In 2021

© InsideEVs CUPRA Born 2021 The company revealed how many Cupra Born were sold so far. SEAT, together with its Cupra brand, reports 470,500 car sales in 2021 (up 10.3% ... Read more »

SA Covid situation in 2022 is unpredictable — poor information clouds our understanding

The information we are being given about Covid-19 infections and deaths does not permit us to make really meaningful assessments and predictions. That is a real problem as we enter ... Read more »

South Africa cannot pivot to prosperity without truly brave leaders

South Africa is locked in a crisis entwining governance, its economy and politics. Will its leadership prove up to the task? © Copyright (c) Daily Maverick , All Rights Reserved ... Read more »

Is Tesla Giga Shanghai Approaching 1 Million/Year Production Rate?

© InsideEVs XYnnyP-O4FA New video reveals 18 Tesla Model Y leaving the plant within 10 minutes. The Tesla Giga Shanghai plant in China noted an amazing year, producing more than ... Read more »

Pep Guardiola: Manchester City's mental fortitude a key factor in title charge

Pep Guardiola has hailed the mentality and professionalism of his Manchester City players after taking a seemingly vice-like grip on the title race. The City manager is impressed by how ... Read more »

Eamonn Holmes claims he was 'given no reason' for shock axe from This Morning

Eamonn Holmes has claimed he was given “no reason” for his shock axe from ITV’s This Morning. The presenter had helmed the show for years alongside his wife Ruth Langsford, ... Read more »

Congress first list of 86 triggers dissent, resignation in Punjab

© Provided by The Times of India Dissent and open revolt greeted Congress’s first list of 86 candidates for the February 14 Punjab assembly polls. It appeared on Saturday when ... Read more »

‘Fog hole' brings sun out but cold persists

Parts of the national capital recorded ‘cold day’ conditions on Sunday, despite a ‘fog hole’ over the city allowing in some sunlight and pushing up the maximum temperature from the ... Read more »

No SP-RLD ticket for Muslim, hint of discontent in Muzaffarnagar

© Provided by The Times of India MUZAFFARNAGAR: There are murmurs of discontent regarding the SP-RLD’s ticket distribution within sections of the Muslim community in Uttar Pradesh’s Muzaffarnagar. While the ... Read more »

Kejriwal: Ready to be part of Goa coalition

© Provided by The Times of India PANAJI: AAP is ready to be part of a coalition government in Goa if the February 14 assembly elections throw up a fractured ... Read more »

STEPHEN GLOVER: Nadine Dorries must keep her nerve to take on the BBC

© Provided by Daily Mail Angry articles will appear in Auntie’s favourite organ, the Guardian. There will be disparaging pieces about the Culture Secretary, Nadine Dorries, who will be dismissed ... Read more »

Bongbong Marcos had nothing to do with the authorship of the Philippines' Baselines Law

Manila Bulletin columnist Anna Mae Lamentillo had to correct herself after claiming Malacañang aspirant Ferdinand “Bongbong” Marcos Jr. was the principal author of the baselines law during his time in Congress. ... Read more »

Leslie Grace stuns in revealing swimsuit as she films Batgirl in Glasgow

BATGIRL star Leslie Grace puts the strip into comic strips as she peels off for a swimsuit photoshoot. The New York-born actress, 27, is filming her superhero movie in Glasgow. ... Read more »

TV cocktail guru banned from Facebook for ‘inciting violence' after joking that PEAS should be made illegal

A TELLY cocktail expert was left shaken after being barred by Facebook for joking peas should be made illegal. Callum Oakley reckons the social media giant mistook his anti-veg wisecrack ... Read more »

North Macedonia: Center-left government OK'd by parliament

SKOPJE, North Macedonia — North Macedonia’s parliament on Sunday approved a new coalition Cabinet led by the Social Democrats, with two ethnic Albanian parties as junior partners. The Cabinet won ... Read more »

The 69p Aldi tea one shopper praised for giving her the 'best sleep' she's had in ages

If there is one thing that most people can agree on its how utterly infuriating it is not being able to get to sleep. The ritual of nodding off should ... Read more »

Act Fast and You Can Save $100 on Apple's New Generation of iMac Desktop Computers

The iMac has gone through quite a few evolutions over the years. And with its most recent generation of iMacs, which debuted in 2021, Apple has brought back one of ... Read more »

This Space-Saving Insert Has Become an Amazon Favorite For Tote Bag Lovers — & It's Less Than $13

Picture it, you grab everything you need: wallet, keys, notebooks, makeup, phone, chargers — you get it, there’s a lot. You use that oddly small pocket in your bag, thinking ... Read more »

50% teens across Delhi vaccinated with first dose

© Provided by The Indian Express More than 50% of children aged 15-17 years have received their first Covid vaccine dose, within two weeks of the immunisation drive opening for ... Read more »

BKU chief backs SP-RLD, calls polls a test for khaps

© Provided by The Times of India MEERUT: Bharatiya Kisan Union (BKU) chief Naresh Tikait extended his support to the Rashtriya Lok Dal-Samajwadi Party (RLD-SP) alliance, setting the pitch for ... Read more »

Denied Congress ticket, Channi doc sibling to contest as Ind

© Provided by The Times of India PATIALA: Punjab chief minister Charanjit Singh Channi’s brother Dr Manohar Singh, among the ticket aspirants who didn’t make it to Congress’s first list ... Read more »

New strategy in Delhi: Inform, sensitise public on Covid-19 protocol

© Provided by The Indian Express In order to implement Covid-appropriate behaviour (CAB) strictly in markets, all districts have adopted a new strategy called Information, Education and Communication (IEC). Under ... Read more »

Ambala resident booked for attacking CTU bus conductor

© Provided by The Indian Express POLICE Sunday booked an Ambala man for attacking a CTU bus conductor near PGI. The suspect was identified as Sunil Kumar of Khatoli village ... Read more »

Vico Sotto tests positive for COVID-19, urges public to be careful

© Provided by reportr.world Pasig Mayor Vico Sotto said Saturday he tested positive for COVID-19, urging supporters not to worry as he would manage the city’s affair while in isolation. ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic