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At the outset of the pandemic, millions of Americans with federal student loans were granted a brief reprieve: Donald Trump’s administration waived interest rates and allowed borrowers to pause their payments, initially for 60 days and then until January 2021. The pause was extended by President Joe Biden, first through January 2022 and now through May 1.
Some 45 million Americans owe more than $1.7 trillion in private and public student loan debt, according to the Federal Reserve. Most student loans are federal, but an estimated $140 billion — about 8 percent of loans owed — are private. The average student debt for a bachelor’s degree hovers around $29,000, according to NerdWallet, and around $71,000 for a graduate degree. Based on data from the New York Fed, the average balance overall, regardless of degree, is about $35,000.
Until recently, the student loan freeze was set to expire at the end of January 2022. The White House initially resisted pressure from Democrats to extend it, declaring that it’s time for business to get back to normal. On December 10, White House press secretary Jen Psaki said at a press briefing that “a smooth transition back into repayment is a high priority for the administration.” However, on December 22, the Biden administration reversed course under continued pressure. In the coming months, the administration said, it will make sure borrowers “have the support they need to transition smoothly back into repayment” in May.
President Biden has resisted calls for him to cancel student debt through executive action — some Democrats on the Hill have urged him to forgive up to $50,000. And while Biden has publicly expressed his support for student loan forgiveness on the campaign trail, the president wants Congress to take the first step.
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