Biden promised student-loan borrowers cheaper payments and more debt relief. The government might not have enough money for everyone to actually get those benefits.
"As we're gearing up for this return to repayment, we're seeing servicer call-center hours cut back, staffing cut back, and also borrower accounts being transferred to new servicers who will have to be in contact with those borrowers to let them know at some point, hey, this system is turning back on, we expect you to start making payments on your student loans," Bass said.
Democratic US Sen. Elizabeth Warren speaks on student debt at the AFL-CIO on June 22, 2022, in Washington, DC. The AFL-CIO held an event to discuss"the importance of student-debt cancellation for American workers."The issue of a lack of funding, and how it impacts student-loan borrowers, has been on some Democratic lawmakers' radars. Massachusetts Sen.
"The Department of Education has projected that without additional loan relief, ending the payment pause will result in a devastating spike in delinquencies and defaults," they wrote in the letter.
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