Washington, D.C. – Senate Majority Leader Chuck Schumer (D-NY) today spoke on the Senate floor regarding his bicameral letter calling on the Biden administration to extend the pause on student loan payments. Below are Senator Schumer’s remarks, which can also be viewed here:
Today I’ve joined Senator Warren and a number of my House and Senate colleagues to urge the Biden Administration to extend the pause on payments and interest for the vast majority of federal student loans.
For millions of student borrowers, one of the most difficult challenges is balancing their debt with their dreams: of starting a career, starting a family, buying a home. When the pandemic hit, these challenges were magnified a hundredfold. Job opportunities disappeared and our economy came to a halt.
The pause on student loan repayment during the pandemic was a life-altering policy that allowed tens of millions of young people to escape financial ruin.
Right now, the current pause on repayment of student debt is set to expire on September 30th. I believe that is too soon.
Our economy is still recovering, and Americans are still pulling themselves up and dusting themselves off after one of the greatest economic crises in our history. The September 30th expiration date could risk putting millions of student loan borrowers back into financial hardship.
So, very simply, I am urging the Biden Administration to extend the pause on student loan repayment by another 6 months, until March 2022.
Even as the economy recovers, young people, borrowers with a load of debt will struggle more than most to get back on their feet. Why not give them a little more breathing room?
I urge the Biden Administration to extend the pause, and I will continue working with Senator Warren on ways to provide even more comprehensive, life-changing student loan forgiveness—a policy that I believe will expand opportunity for millions and millions of young Americans.