Extend Student Loan Pause To August? Yes/No‪?‬ Adam Radly

The Biden administration has announced a plan to freeze federal student loan payments until Aug. 31. The existing moratorium was created to allow millions of Americans to postpone payments during the coronavirus pandemic. Is it the right move?

If you could vote directly on this policy to pause student loan repayments until August, would you vote for it or against it?

If it happens, it will be the sixth time the loan repayment freeze has been extended since it began in March 2020. Okay, so how many people will be impacted by this policy? According to this article from ABC News:

"The action applies to more than 43 million Americans who owe a combined $1.6 trillion in student debt held by the federal government, according to the latest data from the Education Department."

"Nearly 37 million borrowers have saved about $195 billion from the moratorium through April 2022, according to a report released last month by the Federal Reserve Bank of New York."

"The same report also found that student loan borrowers who didn’t benefit from the extended moratorium had 33% higher rates of delinquency on other debt."

One way to figure out whether this policy is even required is to look at the number of defaults on student loans.

"That includes more than 7 million borrowers who have defaulted on student loans, meaning they are at least 270 days late on payments."

So how will this work specifically?

"Borrowers will not be asked to make payments until after Aug. 31, and interest rates are expected to remain at 0% during that period."

So is this just about the pandemic or is this part of a push to eliminate student debt?

"Sen. Patty Murray said more time is needed to help Americans prepare for repayment and to rethink the government’s existing system for repaying student debt."

Check out the listing for this topic on the One Democracy platform:

https://onedirectdemocracy.com/policy-listings/extend-student-loan-pause-to-august-yes-no/



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The reality is that we have reached a point in time in our evolution where Representative Democracy no longer serves the will of the people and technology can solve the problems that made Direct Democracy impractical. 



That's why I created One Direct Democracy. It's a movement for upgrading the global democratic system by taking the power away from politicians and putting it in the hands of the people by using Direct Democracy. 



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