(WASHINGTON, DC) – Today, Representative Conor Lamb (PA-17) was joined by 42 Members of the House of Representatives in calling on President Biden to continue the suspension of federal student loan repayments until at least the end of 2022.  The original coronavirus relief bill – the Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020 – provided relief to millions of student loan borrowers across the country by temporarily pausing payments and involuntary collections on federally held student loans through September 30, 2020.

The pause on student loan repayment has been extended several times due to the continued impact of the pandemic.  Most recently the repayment moratorium was extended by the Biden administration until May 1, 2022, following a letter Lamb led with members of the Pennsylvania delegation.  According to the U.S. Department of Education, the pause on student loan payments has saved borrowers $5 billion a month, allowing them to put more money towards other expenses such as food, child care and housing.  A recent survey found that 92% of fully-employed student loan borrowers are concerned that they will not be able to afford their payments come May 1.

“This is a cost we can eliminate for student borrowers while they deal with so many other rising prices.  Inflation won’t be here forever, but while it lasts we can easily afford to suspend student loan payments a little longer,” said Lamb.

“Unemployment remains higher than two years ago, and families are experiencing significant price increases on household goods, food, and energy.  Accordingly, we believe that the Administration should extend its pause on student loan repayment and interest accrual,” the lawmakers wrote.