Schumer, Warren, Pressley Statement On Biden Administration Extending Student Loan Payment PauseAugust 6, 2021
Washington, D.C. – Senate Majority Leader Chuck Schumer (D-NY), United States Senator Elizabeth Warren (D-MA), and Representative Ayanna Pressley (D-MA) today released the following statement on the Biden administration extending the pause on federally-held student loan payments:
“We’re pleased the Biden administration has heeded our call to extend the pause on federally-held student loan payments, providing an enormous relief to millions of borrowers facing a disastrous financial cliff. The payment pause has saved the average borrower hundreds of dollars per month, allowing them to invest in their futures and support their families’ needs.
“While this temporary relief is welcome, it doesn’t go far enough. Our broken student loan system continues to exacerbate racial wealth gaps and hold back our entire economy. We continue to call on the administration to use its existing executive authority to cancel $50,000 of student debt. Student debt cancellation is one of the most significant actions that President Biden can take right now to build a more just economy and address racial inequity. We look forward to hearing the administration’s next steps to address the student debt crisis.”