Social Security

“More time is essential to ensure that 40 million people aren’t thrown back into chaos and a really broken system,” Student Borrower Protection Center Executive Director Seth Frotman said. The center is a nonprofit focused on alleviating student debt.

Pressure is building on President Joe Biden to address the failures in the student loan system and cancel billions of dollars in debt before the pause on student loan payments expires at the end of September. Democrats and progressive organizations have warned that resuming student loan payments could blunt the economic recovery and are calling on Biden to provide ongoing relief to borrowers before federal student loan payments resume.

Advocates and members of Congress, including Democratic Senators Chuck Schumer and Elizabeth Warren, are urging the Biden administration to extend the payment pause, based on concerns that the student loan system isn’t ready logistically for payments to resume and that borrowers aren’t financially prepared — a recent survey of 23,000 borrowers by Student Debt Crisis, an advocacy group, found that nine in ten borrowers say they won’t be ready to restart payments on…