There is an ongoing debate on student loans in America. Many argue that people should not fall into debt to get an education while others believe that the quality of education declines if it becomes free. But there is a student debt crisis and student loan companies are doing everything in their power to ensure that it persists, including lobbying politicians. This article is published by Open Secrets is written by By Maggie Hicks. Here is an excerpt:
Student loan companies spent over $6 million on lobbying in the past year and a half as lawmakers continue trying to mitigate the student debt crisis.
President Joe Biden announced Friday that the government would extend a pause on the student loan moratorium through Jan. 31. Though both the Biden and Trump administrations have changed the moratorium’s end date several times, the president said it would be the final extension.
The Trump administration issued the moratorium, which paused federal student loan payments and suspended debt collection efforts, at the beginning of the pandemic. The policy affects more than 36 million Americans, whose collective debt totals to about $1.3 trillion, the Associated Press reported.
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