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Dec 13, 2021,08:30am EST|241,507 views


BIDEN WON’T EXTEND STUDENT LOAN RELIEF AND CONFIRMS STUDENT LOAN PAYMENTS
RESTART FEBRUARY 1

Zack Friedman
Senior Contributor
Opinions expressed by Forbes Contributors are their own.
Personal Finance
Bestselling Author, The Lemonade Life. I write and speak about leadership and
greatness.

 * Share to Facebook
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President Joe Biden (Photo by Chip Somodevilla/Getty Images)

Getty Images

The Biden administration won’t extend student loan relief and confirmed student
loan payments restart February 1, 2022.

Here’s what you need to know.




STUDENT LOANS

White House Press Secretary Jen Psaki confirmed to reporters during a press
briefing that the Biden administration won’t extend student loan relief — and
the student loan payment pause will end January 31, 2022. (No, Biden won’t
extend student loan relief again). Here are some highlights from her comments:



 * “In the coming weeks, we will release more details about our plans”
 * “We will engage directly with federal student loan borrowers to ensure they
   have the resources they need and are in the appropriate repayment plan.”
 * “We are still assessing the impact of the Omicron variant.”
 * “A smooth transition back into repayment is a high priority for the
   administration.”
 * “The Department of Education is already communicating with borrowers to help
   them to help to prepare for return to repayment on February 1.”
 * “41 million borrowers have benefitted from the extended student loan payment
   pause, but it expires February 1, so right now we’re just making a range of
   preparations.”





--------------------------------------------------------------------------------


STUDENT LOAN RELIEF: THIS WON’T SIT WELL WITH PROGRESSIVES AND ADVOCATES

Progressive members of Congress, leading advocacy groups and student loan
borrowers have lobbied President Joe Biden to extend the student loan payment
pause beyond January 31, 2022. (Here’s a list of everyone who wants Biden to
extend student loan relief). They cite potential financial devastation for
millions of borrowers if temporary student loan forbearance isn’t extended.
Senate Majority Leader Chuck Schumer (D-NY) and Sen. Elizabeth Warren (D-MA) say
that 89% of student loan borrowers feel financially unprepared to restart
student loan payments. They also argue that nine million student loan borrowers
in default will suffer further financial detriment. (5 ways Biden could cancel
more student loans). With other U.S. senators, they have pressured Biden to
postpone the return to student loan payments for at least several months and at
most until the end of the Covid-19 health emergency. Despite these pleas, the
Biden administration seems definitively focuses on ending this student loan
relief on January 31.

--------------------------------------------------------------------------------


STUDENT LOAN CANCELLATION WON’T HAPPEN EITHER

Some student loan borrowers have hoped that Biden will deliver a last-minute
financial lifeline by enacting wide-scale student loan cancellation. (Here’s how
to get student loan forgiveness during the Biden administration). However, there
is no indication that Biden will cancel everyone’s student loans. Therefore,
don’t expect Biden to cancel student loans before student loan relief ends. On
the contrary, Psaki provided an update on Biden’s actions to date to enact
student loan forgiveness. Since becoming president, Biden has cancelled $12.5
billion of student loan debt for approximately 640,000 student loan borrowers.
When questioned by a reporter about the Biden administration’s plans to help
student loan borrowers, Psaki made no mention of any future plans for wide-scale
student loan forgiveness. (How to qualify for automatic student loan
forgiveness). Psaki’s posture has been consistent with Biden’s in that the
president supports wide-scale student loan cancellation of up to $10,000, but
Congress should pass legislation on mass student loan forgiveness.

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With less than 60 days remaining until the end of temporary student loan relief,
it’s essential that you understand all your options for student loan repayment.
Here are some popular options to save money on your student loans:





 * Student loan refinancing (lower interest rate + lower monthly payment)
 * Income-driven repayment plans (lower payment, but same interest rate)
 * Public service loan forgiveness (student loan forgiveness for public
   servants)



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--------------------------------------------------------------------------------


STUDENT LOANS: RELATED READING


BIDEN WON’T CANCEL STUDENT LOANS BEFORE STUDENT LOAN RELIEF ENDS


HOW TO QUALIFY FOR AUTOMATIC STUDENT LOAN FORGIVENESS


HOW TO APPLY FOR LIMITED STUDENT LOAN FORGIVENESS


EDUCATION DEPARTMENT WILL CANCEL $2 BILLION OF STUDENT LOANS


Follow me on Twitter or LinkedIn. Check out my website or some of my other
work here. 
Zack Friedman



Zack Friedman is the bestselling author of the blockbuster book, THE LEMONADE
LIFE. Apple named The Lemonade Life one of "Fall's Biggest Audiobooks" and a

... Read More



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