Extension of university loans a welcome relief | News, Sports, Jobs
As the pandemic spreads, the job market remains on the move and life in general remains full of uncertainties, President Joe Biden has done the right thing by once again extending federal student loan repayments until ‘in January 2022.
“As our country’s economy continues to recover from a deep hole, this latest extension will give students and borrowers the time they need to plan for the restart and ensure a smooth return to repayment,” said the US Secretary of Education, Miguel Cardona.
While it is true that there are jobs available in today’s market, many of those still paying off student loans have used that money to earn degrees which they hoped would help them get jobs. with a higher rate of pay. They hoped there would be a return on their investment. So even if they can make a living in today’s job market, these jobs may not offer them the kind of salary that will help them pay off their loans as quickly as they hoped. Right now they need to breathe.
The longer the delay in the federal student loan repayment due date, the more time we are giving our economy and our businesses to recover some of the ground lost during the pandemic. According to the Associated Press, the United States still lacks nearly 6 million jobs from what it was in March 2020.
We are improving, but we are not there yet. We can afford to give our students more time to pay off expensive loans because we are giving our economy more time to put them back in a position where they can afford it.