News Clips

While consumer groups and activists have applauded the payment pause’s extension, they remain focused on pushing for more. Biden repeatedly said canceling at least $10,000 in education debt would be part of his economic recovery plan after his election, but he didn’t include any such policy in this year’s sweeping rescue package or domestic spending bill, signaling to liberal groups that the issue was not a priority.

What happens when loan repayment restarts an open question. From an administrative perspective, it could get messy. Before the pandemic — and when the economy was ostensibly in a stronger position — people were already struggling to pay. During the 2019 federal fiscal year, which runs from October 1 to September 30, over 1.2 million student borrowers defaulted on their loans. That means one borrower defaulted on a federal loan every 26 seconds. According to…

The upheaval of the past two years may mean your personal circumstances and financial life look entirely different today. If you’re anxious about making payments again, you’ve got plenty of options — but a limited window to thoroughly evaluate them.

With daily news headlines focusing on the status and future of federal student loans — including recent announcements that hundreds of thousands of borrowers will have their debts wiped out — don’t feel alone if you’re confused as to whether what you’re hearing when you’re offered help with your loans is legitimate.

In recent days, the White House has drawn widespread blowback as advocates and progressives implore the administration to push back, or forego entirely, a February date to lift a pandemic forbearance on student loan payments.

Today, the Student Borrower Protection Center sent a letter to President Biden alongside 207 other organizations (including the American Civil Liberties Union, the American Federation of Teachers, and the NAACP) calling for the pause to be extended. 

Throughout the coronavirus pandemic the federal government has allowed for millions of student loan payments to be paused, but in a few short months those repayments will resume. Now, over 200 organizations are urging President Biden to extend the pause yet again.

On Thursday, over 200 organizations, led by the Student Borrower Protection Center, sent yet another letter to Biden calling on him to extend the pause until he fulfills his campaign promises of fixing loan forgiveness programs and cancelling student debt.

Advocacy groups representing student loan borrowers sent out a warning on Monday that student loan servicing companies may provide misleading information to borrowers on a new expansion of a key federal student loan forgiveness program.