Biden touts freeze on collections of 1.14M student loans

FAN Editor
Joe Biden speaks after signing the PPP Extension Act of 2021, in the Oval Office of the White House, Tuesday, March 30, 2021, in Washington. (AP Photo/Evan Vucci)

Joe Biden spoke after signing the PPP Extension Act of 2021, in the Oval Office of the White House, Tuesday, March 30, 2021, in Washington. (AP Photo/Evan Vucci)

OAN Newsroom
UPDATED 2:17 PM PT – Tuesday, March 30, 2021

Joe Biden is advancing the controversial idea of “loan forgiveness,” with his latest plan to freeze the collections of student loans.

On Tuesday, the White House said 1.14 million borrowers who defaulted on their student loans will be protected from collections if their loan was guaranteed by the government.

Meanwhile, Biden is facing pressure by the far-left to use taxpayer money to pay off most of those debts.

“So people, folks listening, whether you have the debt, whether you have the friend who has the debt, believe it’s the right thing,” Sen. Chuck Schumer (D-N.Y.) said. “We’re asking you, email, call, write President Joseph Robinette Biden and tell him you want this done.”

Biden’s plans are facing criticism, with banks saying it may be harder for people to get a loan in the future. Fiscal conservatives have expressed fear of further increases to the national debt.

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