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"Second, after repeatedly promising not to extend the moratorium, this latest extension is just another broken promise by the Biden administration," he continued. "First, forestalling the repayment of debt adds fuel to the inflation fire by putting upward pressure on the money supply, and therefore inflation." "This latest blunder by the Biden administration (further extending the moratorium on student loan repayments) is adding to price increases in at least three ways," Antoni said.
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Antoni, a research fellow in regional economics at the Heritage Foundation, told Fox News Digital that the pause on repayments is contributing to the current inflation crisis, which rose a crippling 8.5% last month. (Ting Shen/Bloomberg via Getty Images / Getty Images)Į.J. Some 43 million Americans have more than $1.6 trillion in federal student loan debt.President Joe Biden speaks about America's response to COVID-19 in the Eisenhower Executive Office Building in Washington on March 30, 2022. While the administration looks at canceling student loan debt, officials have also said they're looking at the root of the problem with why higher education is so expensive.
Biden pauses student loans series#
After a series of federal student loan payment pauses and extensions by President Biden and former President Trump, advocates are now.
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The White House said a decision would be made between now and the end of August on canceling debt or the pause would be further extended. At the request of President Biden, the Acting Secretary of Education will extend the pause on federal student loan payments and collections and keep the. Student Loans: Private Lenders Ask Biden to Restart Payments. Some Democrats have called for the administration to cancel $10,000 in debt while others have called for him to cancel $50,000 in debt. President Biden pointed to the ongoing Covid-19 crisis in the country as the reason for the extension.
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The payments, which were set to restart on February 1st, have been paused since the beginning of the pandemic. We rate his promise to forgive student loan debt from public colleges and. President Joe Biden announced Wednesday he is extending the pause on student loan payments until May 1st. The president asked officials to look into his legal authority to cancel student loan debt last year, but a decision has not been announced. Biden pauses student loan payments, but hasnt pursued large-scale forgiveness. Biden said he's looking to forgive some federal student loan debt. In a meeting with members of the Congressional Hispanic Caucus on Monday, Mr. This comes as President Biden is looking into broader cancellation of student debt. Alexandria Ocasio-Cortez exits the Capitol, April 1, 2022. While the legislation is not expected to go anywhere in the Democratic-controlled Congress, it's the latest call by Republican lawmakers to end the federal student loan payment pause. In a statement today, President Biden confirmed he will be extending the pause on student loan repayment since were all going to die of Omicron soon and nothing really matters now. Congressional Democrats have pressured Biden to either extend the pause or cancel student loan debt - and the new extended freeze until in August will end right before the midterm elections in November, ensuring that student loan debt will be raised in races around the country.