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Published: Apr 01, 2022 5 min read
Small Graduation Cap On Top Of Large Pile Of Cash
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Dozens of congressional Democrats are urging President Joe Biden to extend the pause on federal student loan payments at least until the end of the year — and, ultimately, to cancel “a meaningful amount” of student loan debt altogether.

More than 90 lawmakers in total made their case Thursday to the president in a letter, which included signatures from Sens. Elizabeth Warren, D-Mass., and Chuck Schumer, D-N.Y., as well as many progressive House members of "The Squad.” Reps. Jamaal Bowman, D-N.Y., Ilhan Omar, D-Minn., and Ayanna Pressley, D-Mass., added their names, though Rep. Alexandria Ocasio-Cortez, D-N.Y., did not.

The student loan moratorium is slated to expire May 1. In effect since March 2020, the moratorium paused the collection of monthly federal student loan payments and lowered the interest rate on those loans to zero in light of the COVID-19 crisis.

The Democratic lawmakers now argue that the policy provides critical relief to millions of families, saving them an average of $393 per month. They noted that more than 9 in 10 borrowers are worried about being able to afford their payments if they restart as planned next month, due to inflation and other economic factors.