Author: Linda

Biden’s remarks on student loan burdens

Biden’s remarks on student loan burdens

Biden Administration Extends Pause on Student Loan Payments

The Obama administration on Thursday extended a temporary pause in student loan payments to most colleges and other financial aid providers from January 1 through March 31, giving the administration time to evaluate whether all of the steps being taken by colleges to raise costs and trim budgets are worthwhile under the federal financial aid law and have been communicated well.

The administration also extended for a year the moratorium on loan payments to new graduate students whose current schools offer financial aid.

Biden’s remarks came at a forum about students at the University of Maryland, where he outlined the steps he has taken to reduce student loan burdens on young people. He has directed federal agencies to work with the private sector to make it easier for students to borrow money to pay for college. He also said he has set up a separate office, focused on student aid, to streamline the process for federal students, so when they are applying for the loan programs, they will only have to fill out the standard financial aid paperwork once. In May, he ordered the creation of the Office of Postsecondary Education, which has since been re-named the White House Office of Student Aid and has begun working to make it easier for federal student loans to be used for students’ living costs. He said that students who are in good academic standing as they enter college could also be eligible for loan forgiveness.

Here are excerpts from Biden’s remarks:

“Some students have had a rough go this semester,” he said. “Others have taken advantage of the grace before deadline, and some have even been in trouble. But most students are making the best of their situation, and we should be providing them with every tool possible so that they can focus on their goals and dreams and achieve their academic potential.

“We need to make it easier for students to borrow money to pay for college, so that students don’t have to go to predatory lenders seeking to prey on otherwise-vulnerable borrowers. We need to make it easier for students to borrow money to help pay for school expenses that are out of reach, so that students can access the resources they need to succeed in college and graduate on time. And we must do all we can to make sure that all students have access to a college education that is affordable and accessible.

“So let me say that again: We need to make it as easy as possible for students to

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