• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

2

Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place

3

Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster

1

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

2

Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place

3

Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
Personal Financestudent loans and debt

Some Democrats renew calls for student debt cancellation as federal loan payment pause is extended

Alicia Adamczyk
By
Alicia Adamczyk
Alicia Adamczyk
Senior Writer
Down Arrow Button Icon
Alicia Adamczyk
By
Alicia Adamczyk
Alicia Adamczyk
Senior Writer
Down Arrow Button Icon
April 7, 2022, 2:04 PM ET
Rep. Alexandria Ocasio-Cortez speaks at podium
Some progressives say extending the federal loan payment moratorium does not go far enough to meaningfully help borrowers. Brandon Bell—Getty Images
Add Fortune on Google for similar content.

In the wake of President Joe Biden once again extending the federal student loan payment pause, some Democrats are renewing their calls for student debt cancellation.

Biden announced Wednesday that the moratorium on federal student loan payments and interest accrual, set to expire May 1, is being pushed back to at least September to aid borrowers still struggling financially in the aftermath of the coronavirus pandemic and record-high inflation. But the announcement doesn’t go far enough for some critics.

“I think some folks read these extensions as savvy politics, but I don’t think those folks understand the panic and disorder it causes people to get so close to these deadlines just to extend the uncertainty,” Rep. Alexandria Ocasio-Cortez (D-N.Y.) wrote on Twitter on Tuesday. “It doesn’t have the affect [sic] people think it does. We should cancel them.”

Ocasio-Cortez argues the “limbo” of not knowing when payments will resume is also a “strain” on many people trying to manage their budgets.

She has support from her progressive colleagues. Ahead of Biden’s announcement, Sen. Bernie Sanders (I-Vt.) tweeted, simply: “Cancel student debt. All of it.”

Natalia Abrams, president and founder of the Student Debt Crisis Center, a nonprofit that advocates for student debt cancellation, said in a statement that while extending the pause is helpful, it is also a “piecemeal, short term approach” to the student debt crisis that “is not enough to meet these challenging times.”

“The president has an opportunity to pass bold, meaningful relief instead of Band-Aid measures,” Abrams said.

As a presidential candidate, Biden endorsed canceling $10,000 of debt for federal borrowers. But since taking office, his administration has focused on more narrow forgiveness efforts, like absolving the debt of some defrauded and disabled students, and retooling the Public Service Loan Forgiveness program.

At a press briefing Wednesday, White House Press Secretary Jen Psaki said Biden “has not ruled out” an executive order canceling some student loan debt.

“He would encourage Congress to send him a bill canceling $10,000 in student debt, something that he talked about looking forward to signing on the campaign trail,” Psaki said.

The cancellation movement has picked up steam in recent years as student loan debt balances have ballooned. It has become popular among many Democrats, particularly the progressive wing of the party, although the actual amount they believe should be canceled varies.

Just one week ago, a group of almost 100 Democratic lawmakers sent a letter to Biden urging him to “provide meaningful student debt cancellation.”

That said, not every Democrat approves of student debt cancellation, and most Republicans oppose it. In particular, Republicans argue student debt cancellation benefits higher income earners with college degrees and that borrowers need to take personal responsibility for their debt.

“President Biden’s perpetual student loan payment moratorium is an insult to every American who responsibly paid debts,” Sen. Tom Cotton (R-Ark.) tweeted Tuesday.

During his announcement, Biden did not mention cancellation. Instead, he encouraged all student loan borrowers to “work with the Department of Education to prepare for a return to repayment, look into Public Service Loan Forgiveness, and explore other options to lower their payments.”

In addition to extending the payment pause, the Department of Education announced borrowers who had delinquent or defaulted loans going into the pandemic forbearance will have a “fresh start” once the forbearance period ends, allowing them to resume payments without those designations. 

How will the extension of the student loan payment pause impact you? If you’re willing to be interviewed for a story, please email reporter Alicia Adamczyk at alicia.adamczyk@fortune.com.
About the Author
Alicia Adamczyk
By Alicia AdamczykSenior Writer
LinkedIn iconTwitter icon

Alicia Adamczyk is a former New York City-based senior writer at Fortune, covering personal finance, investing, and retirement.

See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Personal Finance

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Personal Finance

Young couple looking sad in front of a home with a for sale sign
Real EstateHousing
Gen Z and millennials aren’t convinced the American Dream exists anymore: Only 40% of them can afford to buy a home
By Tristan BoveJune 30, 2026
8 hours ago
mill
InvestingWealth
America added more than 1,200 millionaires per day in 2025, but the heyday of the ‘everyday millionaire’ is already over
By Nick LichtenbergJune 30, 2026
11 hours ago
Top CD rates from major banks June 30, 2026: Chase CDs, Bank of America CDs, Citibank CDs, and more
Personal FinanceCertificates of Deposit (CDs)
Top CD rates from major banks on June 30, 2026: Chase CDs, Bank of America CDs, Citibank CDs, and more
By Joseph HostetlerJune 30, 2026
13 hours ago
Current price of Bitcoin for June 30, 2026
Personal FinanceCryptocurrency
Current price of Bitcoin for June 30, 2026
By Joseph HostetlerJune 30, 2026
13 hours ago
Current price of Ethereum for June 30, 2026
Personal FinanceEthereum
Current price of Ethereum for June 30, 2026
By Joseph HostetlerJune 30, 2026
13 hours ago
Current price of oil as of June 30, 2026
Personal FinanceOil
Current price of oil as of June 30 2026
By Joseph HostetlerJune 30, 2026
13 hours ago

Most Popular

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
Success
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
By Sydney LakeJune 25, 2026
6 days ago
Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place
Success
Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place
By Sydney LakeJune 29, 2026
1 day ago
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
Success
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
By Preston ForeJune 27, 2026
4 days ago
'Humanity has chosen to become idiots': This Brown professor switched to take-home exams after a mass shooting and discovered mass cheating
AI
'Humanity has chosen to become idiots': This Brown professor switched to take-home exams after a mass shooting and discovered mass cheating
By Catherina GioinoJune 29, 2026
1 day ago
The retired college professor fighting a $313 trespassing ticket in Wisconsin thinks he's part of a national struggle
Environment
The retired college professor fighting a $313 trespassing ticket in Wisconsin thinks he's part of a national struggle
By Catherina GioinoJune 28, 2026
3 days ago
The U.S. Army is opening military bases to private billions — here's why that changes everything for the next 250 years
Commentary
The U.S. Army is opening military bases to private billions — here's why that changes everything for the next 250 years
By Marc AndersenJune 30, 2026
15 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.