Earlier this month, the president extended the federal student loan moratorium until August 31.
have cited rising inflation in past calls for Biden to extend the debt repayment pause.
Tens of millions of Americans stand to be affected by a Biden decision on student loan cancellation. More than 43 million borrowers have federal student loan debt, and the average federal student loan debt balance is $37,113, according to the Education Data Initiative. A typical public university student borrows $30,030 to get a bachelor's degree, according to the Education Data Initiative.several Democrats sent him a letter
urging him to push back the pause at least until the end of the year and"provide meaningful student debt cancellation." "Borrowers have benefited greatly from the ongoing payment pause, taking the opportunity to pay down other debt, relieve financial pressures from lost jobs or decreased earnings, and support their families' needs. Restarting repayment will financially destabilize many borrowers and their families, and will cause hardship for many who could not afford repayment," the letter said.Update 4/15/22, 10:55 a.m. ET: This story was updated with additional information and background.
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