Washington, D.C. — National Urban League President and CEO Marc H. Morial issued the following statement in response to President Biden’s announcement to extend the pause on federal student loan repayment to May 1st, 2022:
“President Biden gave the American people a much-needed holiday gift by taking action to extend the pause on federal student loan debt repayment. As the rise in Omicron variant cases have reminded us, our nation is still in the midst of a global pandemic that has impacted both our health and our economy. Many student loan borrowers, especially those in communities that have been disproportionately impacted by the pandemic, would have found it difficult to resume repayment in January and were at risk of falling behind in their payments.
“According to the U.S. Department of Education, more than 36 million Americans owe an estimated $1.73 trillion in federal student loans and a third of borrowers are in default or delinquency. President Biden made the right decision for the American people and our economy. We applaud this effort and encourage future efforts to address this nation’s student loan debt crisis.”