Congressional Progressive Caucus on Extension of Student Loan Pause

Representative Pramila Jayapal (WA-07), chair of the Congressional Progressive Caucus, issued the following statement in the response to the Biden administration's announcement it would extend the pause on federal student loans until May 1, 2022:

"As Omicron rages across the country, the Biden administration has made the excellent and necessary decision to use their executive power to extend the pause on federal student loans. This will allow millions of borrowers to breathe a momentary sigh of relief. As progressives inside and outside of Congress have been saying for months, this will provide critical support to Americans who are struggling to make ends meet, continue Democrats' successful efforts to lower costs and decrease the burden of inflation, and keep $7 billion in the economy each month the moratorium continues. We appreciate the President heeding this call.

"But the work cannot stop here. The administration must now deliver on the President's promise to cancel student debt, lowering costs for families at a critical time of tremendous health and economic uncertainty. Given that the Build Back Better Act is still not law -- delaying cost-saving measures that were slated to begin in 2022 -- we need to take immediate action to put money in people's pockets and invest in our nation's continued economic recovery and quest for racial justice. According to the Roosevelt Institute, erasing $50,000 in student loans per person would immediately increase Black wealth by 40 percent. We cannot afford more delays -- now is the time for the President to act."