The action applies to more than 43 million Americans who owe a combined $1.6 trillion in student debt held by the federal government.
“It is ruining lives and holding people back,” she said in a statement last month. “Borrowers are struggling with rising costs, struggling to get their feet back under them after public health and economic crises, and struggling with a broken student loan system — and all this is felt especially hard by borrowers of color.”
The decision is being made amid rising concern that large numbers of Americans would quickly fall behind if payments restarted in May. “Serious delinquency rates for student debt could snap back from historic lows to their previous highs in which 10% or more of the debt was past due,” the bank said.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
White House to extend student loan pause through AugustWASHINGTON (AP) — The Biden administration plans to freeze federal student loan...
Read more »
Student loan repayments: White House to extend pandemic pause through Aug. 31U.S. student loan payments were scheduled to resume on May 1 after being halted since early in the COVID-19 pandemic.
Read more »
White House to extend the student loan moratorium once againBiden admin officials plan to extend the pause on federal student loan payments through the end of August, multiple sources say, though they warned that could still change. An announcement could come as early as this week.
Read more »
Texas trucking industries encourage more drivers as White House touts truck driving program'We help keep America rolling every day,' one driver said. 'That's how you get your food, your toiletries, anything you need.'
Read more »
Obama returns to White House to help Biden push Affordable Care ActFormer Pres. Obama trolls Pres. Biden during his first event back at the White House since 2017, jokingly calling him “Vice President Biden.” “That was all set up. My president, Joe Biden.'
Read more »
Biden to host White House wedding reception for granddaughterPresident Joe Biden will host a wedding reception for his eldest grandchild, Naomi Biden, at the White House this fall.
Read more »