PROVIDENCE, RI – Today, after the Biden Administration announced it will extend the pause on student loan payments through May 1, 2022 instead of requiring them to resume at the end of next month, U.S. Senator Jack Reed issued the following statement:

“I commend President Biden for providing continued relief and peace of mind for millions of Americans by extending the pause in repayment of student loans.

“While the economy is improving, there is no question that the surge of COVID-19 cases due to the highly contagious Omicron variant has impacted many people and their ability to repay their student debt.

“This pause on payments, interest, and collections will provide thousands of Rhode Islanders with real savings and security as we continue to combat the pandemic.

“In the longer term, Congress must take additional steps to make college more affordable, reducing the reliance on loans and delivering more need-based grant aid.”

Senator Reed, a champion for doubling the Pell Grant, is the author of several key bipartisan proposals to do just that, including the Partnerships for Affordability and Student Success (PASS) Act (S. 2054), which would amend the Higher Education Act of 1965 to reestablish a federal-state partnership for increasing need-based aid, provide grants to institutions to improve student outcomes and reduce college costs, and build public accountability for institutions of higher learning.  Senator Reed also teamed up with Senator Lisa Murkowski (R-AK) on the Student Loan Repayment Freedom Act (S. 2976), which would help federal student loan borrowers ensure their repayment plans fit their needs by allowing borrowers to switch from one income-based repayment plan to another, without first having to make a payment under Standard Repayment or go into forbearance.