Student Loan Relief: Editorial Rips Biden Plan To Extend Payment Pause

Student Loan Relief: Editorial Rips Biden Plan To Extend Payment Pause

Here's what you need to know. Student loan borrowers may be cheering for more student loan relief, but not everyone is happy with Biden's policy decision to extend the student loan payment pause through August 31, 2022. In a scathing editorial published Friday, the Washington Post Editorial Board wrote the following: According to the Editorial Board, the student loan payment pause disproportionately benefits higher-income earners, such as those student loan borrowers with a medical or law degree. Why? The student loan debt crisis is traditionally described as impacting student loan borrowers who attended college. However, nearly 50% of all student loan debt is from graduate school. These student loan borrowers, on average, earn a higher income than both college and high school graduates. Approximately 64% of Americans don't have a college degree. (Biden still considering wide-scale student loan cancellation). This means that Biden's student loan relief doesn't benefit these Americans. The Editorial Board notes that "It would be far more equitable and effective to give rebates to low- and moderate-income households." (Biden could extend the student loan payment pause forever). The Committee for a Responsible Federal Budget notes that the latest extension of the student loan payment pause will cost