Biden to Extend Student Loan Moratorium This Week

President Biden is expected to increase the burden on the average American taxpayer by announcing another extension on the student loan moratorium.

US Secretary of Education Miguel Cardona revealed the president will announce the future policy of student loans this week, as the current moratorium is set to expire on August 31.

Reportedly, Biden is planning to give relief to students ahead of the midterm elections to lure Gen Z voters so they might support Democratic candidates in November elections.

Biden Looks Forward to Forgiving More Student Loans

Speaking on NBC News, Cardona stated the government is trying hard to protect the interest of students and borrowers who are struggling to pay their loans back.

As the president is considering the student loans issue on a daily basis, he is likely to announce the final decision by the end of this week, Cardona added.

While former President Trump extended the moratorium twice during the coronavirus pandemic, Biden already extended it four times since a slew of Democratic lawmakers pressed him to give relief to students.

Some media outlets are speculating Biden could even sign a sweeping executive order for student loan forgiveness, considering his dipping popularity among young voters.

According to a recent NPR poll, only 37% of Gen Z and millennial voters support Biden, a significantly low number considering the group’s historic inclination towards Democrats.

This is a major setback for Biden, who won 61% of the votes from people in the age group of 18-29 in the 2020 elections.

Former Ohio State Senator Nina Turner claimed Democrats would easily lose the support of remaining Gen Z voters if the president fails to take any decisive action to cancel student loans.

However, some Democratic strategists observed that Democrats can once again attract young voters by improving their communication with them.

Biden Becomes Biggest Socialist President of America

Previously, the leaked documents from the US Department of Education have revealed Biden can forgive $10,000 in student loans for borrowers who earn less than $150,000 a year.

Since assuming the White House, Biden already canceled $32 billion in student loans. Even though he is only in the second year of his presidency, Biden has forgiven more student loans than any other president.

Most progressive Democrats asked Biden to forgive $50,000 of student loans per person. Republican lawmakers have opposed such a sweeping measure, as it will significantly burden the average taxpayer.

GOP lawmakers also raised concerns over White House staffers who owe nearly $4.7 million in student loans.

As these White House aides owe this money to the federal government, they continue pushing Biden to cancel loans, which involves them in a conflict of interest.

If Biden does not extend the moratorium, student loan payments are set to resume on September 1.

This article appeared in The State Today and has been published here with permission.