Today, the President announced that our Administration is pausing federal student loan repayments through August 31, 2022. This pause will help 41 million people keep up with their monthly bills and meet their basic needs. It will give borrowers some urgently needed time to prepare for a return to repayment.
This is personal for me. I had student loans. Each month, I would sit at the kitchen table, fill out paperwork, and send a check to pay down my balance. Later, as California Attorney General, I took on predatory for-profit colleges and won $1 billion for defrauded veterans and students. President Biden and I understand that student loan debt adds stress for borrowers and their families.
We have made strong progress as a country in the face of a global pandemic and an economic downturn, but there is still work to do. Today’s announcement will make a meaningful difference as we continue moving forward.