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To: President Biden
Extend the student debt payment pause!
The Biden administration plans to resume federal student loan payments in less than 60 days. American families aren't ready. President Biden must extend the payment pause at least until the economy reaches pre-pandemic employment levels!
Why is this important?
More than a quarter of student loan borrowers will be spending over a third of their income on loan payments when the pause ends. These impacts will disproportionately harm Americans of color, who on average borrow more for college expenses than their white counterparts while holding significantly less wealth. The economy has not recovered to the point where Americans are ready to pay their loans.