President Joe Biden will not be extending student loan relief and loan payments will restart on Feb. 1, Forbes reports. White House Press Secretary Jen Psaki confirmed the news during a press conference on Tuesday (Dec. 14), adding that the student loan payment pause that was put in place due to the COVID-19 pandemic will now end on Jan. 31, 2022.
The news comes as a blow to many student loan borrowers and advocacy groups who lobbied the Biden Administration to extend the payment pause. According to Senate Majority Leader Chuck Schumer and Sen. Elizabeth Warren, 89 percent of student loan borrowers currently feel financially unprepared to start making student loan payments again, Forbes writes. The lawmakers also argued that around nine million student loan borrowers will suffer further economic strife due to the payment restart along with the continued challenges brought on by the COVID-19 health emergency.
Psaki addressed the state of the pandemic in Tuesday’s press briefing, saying, “We are still assessing the impact of the Omicron variant.” She also said that student loan borrowers can expect “more details” about the administration’s plan for restarting payments in the coming weeks.
“We will engage directly with federal student loan borrowers to ensure they have the resources they need and are in the appropriate repayment plan,” she said, adding that a “smooth transition back into repayment is a high priority for the administration.”
According to Psaki, 41 million borrowers have benefitted from the student loan payment pause.
Other borrowers were also hopeful that Biden would cancel student loan debt, which Forbes writes also will not be happening. Since becoming president, Biden has reportedly negated $12.5 billion worth of student loan debt for around 640,000 borrowers. However, on Tuesday, Psaki made no mention of the administration’s future plans for wide-scale student loan forgiveness.
YOU MIGHT ALSO LIKE
Below, our gift guide highlights some of our favorite Walmart finds for anyone in need of a home refresh.
“REVOLT Black News” correspondent Kennedy Rue counts down the top five moments from the 2023 Billboard Music Awards, including surprising wins, historic firsts, and dope performances. Sponsored by Amazon.
On Oct. 10, Walmart unveiled a brand new, state of the art creative studio on the campus of Central State University.
The Walmart HBCU Black & Unlimited Tour made its final stop at Mississippi Valley State University (MVSU) and left a lasting impact on students and alumni alike.
After unveiling their state of the art creative studio on the campus of Central State University, Walmart brought the HBCU Black & Unlimited Tour to Virginia State University (VSU) on Oct. 13.
Walmart HBCU Black & Unlimited Tour brings attention and wisdom to North Carolina Central University
On Oct. 17, Walmart brought the third stop of the HBCU Black & Unlimited Tour to North Carolina Central University (NCCU).
In October, Walmart unveiled a brand new, state of the art creative studio on the campus of Central State University. The HBCU located in Wilberforce, OH was the first stop on Walmart’s Black and Unlimited HBCU Tour.
In this new episode of ‘Bet on Black,’ food and beverage take center stage as aspiring Black entrepreneurs from It’s Seasoned, Black Farmer Box, and Moors Brewing Co. present their business ideas to judges with mentorship from Melissa Butler. Watch here!
Groovey Lew on hip hop style, Johnell Young's industry secrets, BGS salon's wig mastery and more | 'Black Girl Stuff'
Fashion King Groovey Lew on masterminding hip-hop’s most iconic looks. Actor Johnell Young reveals the secret to breaking into the entertainment industry. Celebrity hairstylist Dontay Savoy and got2B ambassador Tokyo Stylez are in the BGS Salon with the perfect wig install. Plus, comedian Lauren Knight performs.
REVOLT is continuing its impactful partnership with Walmart by teaming up to showcase Black creatives at HBCUs all-across America. The panel consisted of three experienced, accomplished Black HBCU alumni: Actor and media personality Terrence J, entertainment attorney John T. Rose, and actress and “REVOLT Black News” correspondent Kennedy-Rue McCullough.
The health of a community can often be traced to the health of the environment that surrounds it. In Atlanta, a woman named Dr. Jaqueline Echols has dedicated her life to helping ensure that people in economically underserved communities have clean rivers – for better health and for the joy of outdoor recreational space.
On this all-new episode of “On In 5,” multitalented Nigerian artist Pheelz opens up about waiting for his opportunity to fully express himself through music, his inspirations and emotions, and the musical icons he grew up admiring. Watch!
Kareem Cook talks growing up in The Bronx, studying at Duke & networking | 'The Blackprint with Detavio Samuels'
On this all-new episode of “The Blackprint with Detavio Samuels,” the host and REVOLT CEO sits down with Kareem Cook. Throughout the introspective episode, Cook talks growing up in The Bronx, studying at Duke and being nervous to be in the South at the time, network vs. education, taking advantage of your opportunities, and connecting with Debbie Allen. Watch!
Tiffany Haddish on therapy, wild fan interactions & the upcoming 'Haunted Mansion' movie | 'The Jason Lee Show'
On this all-new episode of “The Jason Lee Show,” the one and only Tiffany Haddish sits for a must-watch conversation about wild interactions with fans, her new movie ‘Haunted Mansion,’ bringing her therapist on dates, and being present. Watch the hilarious interview here.
For this all-new episode of “On In 5,” singer-songwriter BNXN discusses his journey from IT to music, finding his voice and originality, linking up with Wizkid for their hits “Mood” and “Many Ways,” and what fans can expect from him this year — including a new album. Watch the full episode here!
In this exclusive interview, DDG opens up about his fashion inspiration, what drew him to girlfriend Halle Bailey, dealing with negative opinions about his relationship, and more. Read up!