Letter to Joseph R. Biden, President - Rep. Maloney Calls on President Biden to Extend Student Loan Relief

Letter

Dear President Biden:

I am writing to urge you to extend the approaching deadline that would end emergency relief for federal student loan borrowers.

Omicron cases are now the majority of COVID-19 cases in the United States. Earlier this week, Dr. Fauci predicted that we will likely see record numbers of COVID-19 cases in the coming weeks due to the Omicron variant. To that end, last Friday, New York reported more than 21,000 new coronavirus cases in one day, the highest single-day total since the beginning of the pandemic.

COVID-19 does not just present a public health crisis; we are also in the middle of a historic student debt crisis. As of November 17, nearly 43 million Americans owe a total of $1.57 trillion in federal student loan debt, with each student owing an average of $36,510 in federal loans.

As you know, the COVID-19 emergency relief for federal student loans is set to expire on January 31, 2022. Currently, for eligible federal student loans, borrowers are eligible for a suspension of loan payments, a 0% interest rate, and stopped collections on defaulted loans. These relief measures have been essential for student loan borrowers as our communities seek to recover economically from the effects of the coronavirus pandemic.

In recent weeks, I have heard from my constituents, who have expressed concerns over the upcoming resumption of federal student loan payments. Many of these constituents are still struggling to get back on their feet as a result of the pandemic. Especially in the wake of the Omicron variant and the uptick in COVID-19 cases across the country, now is not the time to cut off this relief. I urge you to use all your authorities to extend these important relief measures as soon as possible.

Thank you for your attention to this important matter.

Sincerely,

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