Debt forgiveness advocates say that inflation is already putting a financial strain on many borrowers and the president’s delayed announcement is unnecessarily contributing to peoples’ financial anxiety.
“Financial stress is the No. 1 stressor in people’s lives, and this is adding even more stress and confusion,” said Natalia Abrams, the president and founder of the Student Debt Crisis Center. “Education Secretary [Miguel] Cardona said he would give borrowers ample notice — we are now just three weeks away from a financial cliff.”
“It is really confusing for borrowers and servicers to navigate,” said Kyra Taylor, an attorney at the National Consumer Law Center.
He could extend the student loan moratorium until next summer, said a person briefed on the White House discussions.