Arizona, D.C. – Today, U.S. Senator Reverend Raphael Warnock (D-GA) led a group of his Senate colleagues in calling on the Biden Administration to continue waiving borrowers’ interest on federal student loans for the duration of the COVID-19 national emergency. In a new letter, Senator Warnock and the lawmakers highlighted how current and former students are still financially recovering from the pandemic, as well as information from the U.S. Department of Education indicating that federal borrowers have saved $5 billion each month in total since they stopped accruing interest on their federal student loans due to a federal pause instituted on . The lawmakers also pressed the mutual benefits of extending the waivers to delay the financial burden placed on students and colleges alike, and how the extension would also aid regulatory efforts to improve student loan relief programs. Lastly, the lawmakers underlined in their letter how the financial strain of student loan repayment disproportionately impacts families with less generational wealth.

“The brand new Government should extend the latest waiver of interest into federal student loans for the duration of the newest national disaster concerning the coronavirus state out of 2019 (COVID-19) pandemic. I delight in your frontrunners inside stretching the education loan fee stop courtesy to have monthly bills due for borrowers. This expansion is offering requisite rescue to scores of Us citizens. Whenever you are consumers will start and then make costs once again soon, most are nonetheless dealing with financial challenges locate right back on their legs since the our country operates to make right back better out of the brand new COVID-19 pandemic,“ the lawmakers wrote. Continue reading «As well, this new Company may prefer to play with forbearance of student education loans to help you service borrowers experiencing financing transfers» →