Biden administration extends payment pause for student loan borrowers through January
The legislators also continued to pressure Biden to forgive up to $50,000 of student debt for all borrowers.
"While this temporary relief is welcome, it doesn't go far enough," they wrote. "We look forward to hearing the administration's next steps to address the student debt crisis." Biden has asked the U.S. Department of Justice and the U.S. Department of Education to review his legal authority to forgive student debt. Decisions from those agencies are not yet public.
Borrowers were struggling before Covid. Outstanding student loan debt in the U.S. has surpassed $1.7 trillion and burdens Americans more than credit card and auto debt. Around a third of borrowers are in delinquency or default.
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