Graduates Cancel Their Own Student Loan Debt?

Photo by Joshua Hoehne on Unsplash

( – College graduates have been considering a universal strike on repayment of their student loans after the payment pause on federal loans expires during the summer. As per the debt ceiling deal formed between Biden and McCarthy, the payment pause was meant to be a temporary relief measure during the pandemic, and the measure would discontinue sixty days after June 30th.

The payment pause was originally introduced in March 2020 by Former President Trump and was included in the CARES Act. This particular act was meant to assist graduates during the pandemic. Since then, the pause has been extended eight times, but the new debt ceiling deal has taken any possibility of it being renewed again off the table.

In the past few years, student loans have become a particularly central issue for the federal government. On Thursday, the Senate backed a House resolution that would completely thwart Biden’s student loan forgiveness plan.

Under this plan, most borrowers would be eligible to have $10K forgiven, while Pell Grant recipients would receive up to $20K in student loan forgiveness. The President has already stated that he would veto the bill which is an attempt to block the country’s economic recovery.

The forgiveness plan is also going to be examined by the Supreme Court which is projected to release its ruling in June or July.

Many graduates have expressed frustration about the end of the payment pause. One user specifically took to Twitter to state that they could collectively all refuse to pay the student loans. That would leave them incapable of doing anything.

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