One of President Joe Biden’s many priorities is to help students manage their growing debt.
Student loans are among the most important people take out and ultimately have to pay back. But for now, the freeze on federal loan payments continued later in the year.
Biden ordered the Department of Education to extend the hiatus on student loan payments until September 30. The one-year payment freeze was due to expire at the end of January.
Long Island students have an average of $ 35,000 in student loans as part of a $ 1.6 trillion national debt on these types of loans.
Students at Molloy College say they are happy to hear the news from the president.
“I’m very grateful for this, honestly … I’ll have enough time to pay off my loans and honestly save a few bucks in my pocket,” says sophomore David Chavez.
Biden has supported congressional action that would eliminate up to $ 10,000 in student debt. But in November, Senate Majority Leader Charles Schumer and others called on Biden to eliminate more than $ 50,000.
“It is a huge sum weighing on their heads and on the future of the young people of Long Island, and not so young,” says Schumer.
Farmingdale State College president John Nader praised the president for suspending the loan, but warned of a large-scale loan cancellation, saying any relief should be based on need.
“So rather than sketching it out here, I think we need to be very focused in what we’re doing to help students who are in financial need,” Nader says.