Federal Student Loan Payments to Start Again on February First

Monday, January 3rd, 2022 -- 8:02 AM

(Bob Hague, WRN) Resuming federal student loan payments is looming for millions of households, beginning February First.

The federal government has extended its pandemic payment pause until next month. Analiese Eicher with the group For Our Future Wisconsin notes candidate Joe Biden campaigned on cancelling ten-thousand dollars in student loan debt per person. “And coming up on his first year hear, we haven’t seen it.”

Arguments against cancellation include that it would be unfair to those who’ve recently paid off loans. “Cancelling student loan debt is an easy, easy decision. And even if you’ve paid your loans off like myself, it should be one that we’re all readily supporting.”

Eicher with the group For Our Future Wisconsin notes candidate Joe Biden’s unfulfilled pledge to cancel ten-thousand dollars in student loan debt per person was a factor in his win.

“I think there were certainly a number of things that contributed to that. But for people who have student loan debt, we know from years of research if you ask them about it, it’s one of the things that impact their lives on a daily basis.”

Eicher with the group For Our Future Wisconsin says the benefits outweigh those. “The economic impact is going to be are too great, in a positive way for any of those negative ideas and detractors, for those arguments.”

About 42 million Americans are carrying federal student loan debt. The average student loan debt for new college graduates is about 30-thousand dollars.

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