Senators warn ending suspension of student loans could jeopardize U.S. economic recovery

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Senate Majority Leader Chuck Schumer and progressive US Senator Elizabeth Warren warned that the US economic recovery could be hit hard if the Biden administration does not extend the federal government’s pandemic moratorium on student loans in September.

“The resumption of these payments can slow down the recovery of the economy of our country. This could put millions of borrowers on the brink of a financial crisis, ”Schumer said at a press conference in Washington on Tuesday.

Warren similarly said in a subcommittee hearing on Tuesday that “this time bomb in the form of student loans could stall our entire economic recovery when it explodes.” She said that loan servicing companies are not ready to renew payments and do not adequately work with borrowers.

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