Inauguration Day is typically a day of celebration and reflection. However, President Joe Biden has been preparing for this day his entire career and he is not going to waste a minute of it. On his first day in office, the President is expected to extend a freeze on federal student loan payments through the end of September. Under the CARES Act, borrowers were expected to resume paying back their loans in February. With this move, borrowers will have an additional seven months to economically recover from the effects of the COVID-19 pandemic and begin paying back those pesky student loans.
"The extension of the payment pauses provides much-needed relief to borrowers during the pandemic in the short-term," Sarah Sattelmeyer of the Pew Charitable Trust said.
Many hope that Biden's initial student loan freeze extension will pave the way for more encompassing legislation regarding the student debt crisis. During the course of his presidential campaign, President Biden indicated that he would forgive $10,000 in student loan debt for all Americans. Some senators such as Chuck Schumer and Elizabeth Warren have called for the President to forgive up to $50,000 in student loan debt for all Americans.
“President Biden has a historic opportunity to improve the lives of tens of millions of American families struggling in the midst of a national crisis,” Seth Frotman of the Student Borrower Protection Center said.
In addition to making moves regarding student loan debt, Biden plans to address immigration and climate policy during his first weeks in office. Not to mention, he will have to discuss his predecessor, Donald Trump, as an impeachment trial looms in the United States Senate. It will be an eventful year on Capitol Hill, but it appears President Biden is prepared for what is to come.
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