Schumer Seeks Extension On Emergency Student Loan Payments

Majority Leader's request part of wider lobbying effort for presidential action to forgive student loan debt

Senate Majority Leader Chuck Schumer is requesting that President Biden extend the pause on student loan payments in place as a result of the financial impact of the COVID-19 pandemic.

The New York Democrat's appeal is the latest in what has been his ongoing efforts to push Biden to go ahead and actually to erase up to $50,000 per borrower in student loan debt.

Although Schumer's ultimate goal is broader, the entreaty he and other lawmakers in both the House and Senate made to Biden in a letter Wednesday was simply to extend the current pause on repayment — not debt forgiveness.

“The pause on student loan repayment during the pandemic was a life-altering policy that allowed tens of millions of young people to escape financial ruin,” Schumer said on the Senate floor Wednesday. “Right now, the current pause on repayment of student debt is set to expire on September 30. I believe that is too soon.

“Our economy is still recovering, and Americans are still pulling themselves up and dusting themselves off after one of the greatest economic crises in our history. The September 30 expiration date could risk putting millions of student loan borrowers back into financial hardship,” he added. “So, very simply, I am urging the Biden Administration to extend the pause on student loan repayment by another six months, until March 2022.

“Even as the economy recovers, young people, borrowers with a load of debt will struggle more than most to get back on their feet. Why not give them a little more breathing room?” Schumer asked, rhetorically.

Aside from Schumer, Sen Elizabeth Warren (D-Mass) and Reps Ayanna Pressley (D-Mass), and Joe Courtney (D-Conn) are behind the request to Biden.

Since the repayment pause first began last year under then-Education Secretary Betsy DeVos, the Education Department has provided approximately $72 billion in relief on student loan interest alone – money that has been reinvested into the economy, according to Schumer and other lawmakers seeking an extension of the pause.

Borrowers have reported being able to pay down other debt, relieve financial pressures from lost jobs or decreased earnings, and support their families, they said.

Asked about Schumer's request Thursday during a press gaggle aboard Air Force One en route to Raleigh, NC, deputy press secretary Karine Jean-Pierre said that she had no immediate statement.