The federal government’s emergency relief for more than 40 million student loan borrowers is set to expire at the end of September. This is amid sky-high levels of unemployment and an overall economy still stifled by rising covid cases
. Congress soon codified those benefit into the CARES Act and also went a step further in suspending most monthly student loan payments for roughly six months.
An Education Department official said the agency had not yet made any decision about a potential extension of the benefits. “The Department is still assessing its options and is focused on doing the next right thing for students, borrowers, and taxpayers,” department spokesperson Angela Morabito said in a statement.
“We seem to be dealing in this fictional universe where Covid is getting better and not worse, and unemployment is getting better and not worse,” she said. “The idea that we’re ready to return to payments as usual is baffling to me.” While Americans with less education are still far more likely to be unemployed, job loss spiked from about 2 percent in March to 8 percent in April for workers who have at least earned a bachelor’s degree. About 7 percent of those degree-holders are still out of work, according to the Department of Labor’s latest monthly tally.
But outright cancellation of debt, as many Democrats are proposing, remains a tough sell among GOP lawmakers and Democrats from more conservative-leaning districts.
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