Federal student loan payments are supposed to resume in May.
DENVER, Colo. — Federal student loan payments are supposed to resume in May, more than two years after they were paused because of the pandemic, but many are wondering if President Joe Biden will pause loan payments for the fourth time or expand forgiveness programs further.
“Obviously, having a little bit more time certainly helps them,” said Weiss. “But I think our concern is— are students really prepared? They've had a very long period of time to not have to worry about making this payment.” President Biden has, so far, forgiven $16 billion dollars in student debt by expanding student loan forgiveness for certain borrowers including public service employees, people with severe disabilities, and people who were scammed at for-profit colleges.Proponents of loan forgiveness said it could immediately boost the economy and give borrowers more money for other expenses. That would mean more financial security for many, especially in historically marginalized groups.
Some critics believe loan forgiveness is too expensive. According to the Department of Education 2021 report, the payment pause has cost the federal government and taxpayers at least $95 billion in unpaid interest.So what’s next? First, Biden could choose to forgive all $1.6 trillion in federal student loan debt. It would be the costliest social spending initiative of his presidency—outspending unemployment insurance, the earned income tax credit and food stamps.
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