“At least we are all being open about the fact that this is a shameless vote-buying scheme.”
Joe Biden is reportedly considering yet another months-long pause on student loan payments, in addition to student loan debt forgiveness of up to $10,000.
The pause on student loan debt payments began over two years ago, in the spring of 2020.
This is such an obvious ploy to gain favor with young voters through what is essentially a payoff.
Nancy Cook reports at Bloomberg News:
Biden Considers New Pause on Paying Back Student Loans, $10,000 Relief
President Joe Biden is considering extending a pause on student loan repayments for several more months, as well as forgiving $10,000 in student loan debt per borrower, according to people familiar with the matter, as he seeks to appeal to young voters ahead of the November midterms.
The current moratorium on student loan payments expires Aug. 31, and a fresh pause could extend either through the end of 2022 or until next summer, the people said. Biden told reporters last week that he hoped to decide on an extension by the end of August.
Debt forgiveness may follow the extension, but the president hasn’t reached a final decision on either move, the people said. Biden has been weighing appeals from progressives to forgive large amounts of student loan debt almost since entering office, and the extended deliberations have frustrated some advocates.
It’s probably safe to assume this will happen, as student loan services have already been told not to contact borrowers.
NBC News reports:
Student loan servicers told not to contact borrowers as payment pause deadline nears
A little more than a month before the student debt moratorium is scheduled to end, the federal government has told loan servicers not to contact borrowers about resuming payments, a trade group official said Monday.
The Education Department has been telling loan servicers not to reach out to borrowers as recently as “the last couple weeks,” said Scott Buchanan, the executive director of the Student Loan Servicing Alliance, which represents all of the companies that service the federal loans subject to the administration’s moratorium.
NBC News has asked the Education Department for comment.
The Wall Street Journal first reported Monday that loan servicers have been told not to contact borrowers.
President Joe Biden in April extended the pause on federal loan repayments until Aug. 31, saying the nation was still recovering from the coronavirus pandemic.
A White House official said Monday night that “no decision has been made” about whether to extend it again. The official said Biden will make a decision before Aug. 31.
This is all about votes.
At least we are all being open about the fact that this is a shameless vote-buying scheme.
Working families funding student loan debt for disproportionately wealthy and disproportionately white grad degree holders is 2022 Dems in a nutshell. https://t.co/VNnzThuT97
— Matt Whitlock (@mattdizwhitlock) July 26, 2022
People on the left are pushing for even more.
Why cancel $10k in student debt when all of it can be canceled? Why make a conscious decision to keep people in debt?@POTUS can show that he’s working for the people and not loan refinancing companies by canceling every penny of student debt.
— Nina Turner (@ninaturner) July 26, 2022
Biden will keep kicking this can down the road as long as it’s politically advantageous.DONATE
Donations tax deductible
to the full extent allowed by law.