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The call from Democrats for the extension of the federal student loan moratorium is growing.
Colorado Senator Michael Bennet is the latest to call on President Joe Biden to extend student loan forgiveness through the end of the year.
The U.S. Department of Education recently set aside $6.2 billion for 100,000 student loan borrowers as part of its Public Service Loan Forgiveness program. In order for the debt to be forgiven, program participants must provide 120 "qualifying payments" over up to 10 years.
According to KABC, Bennet sent a letter to the president, then posted it to his official website. In the letter, Bennet explained that he is specifically calling for an extension to allow payers to better prepare for the payments amid rising inflation and costs.
"[An extension] will ensure a smooth return to repayment and give student loan borrowers additional time to recover from the economic downturn that the pandemic caused," Bennet wrote. "It will also help borrowers who are struggling with inflation and higher costs associated with postsecondary education, including the cost of child care for student parents."
Bennet's letter echoes one recently sent by 43 members of Congress, including Representatives Bennie Thompson and Rashida Tlaib.
"Although American families, communities, and our economy have made great strides in overcoming COVID-19, it is still impacting people's lives," the congressional letter stated. "A recent report found that 'considerable unmet needs remained near the end of 2021, with 20 million households reporting having too little to eat in the past seven days and 10 million households behind on rent.'
"Unemployment remains higher than two years ago, and families are experiencing significant price increases on household goods, food, and energy. Accordingly, we believe that the Administration should extend its pause on student loan repayment and interest accrual."
A payment plan created by Senate Majority Leader Chuck Schumer and Senator Elizabeth Warren would provide up to $50,000 in student loan relief for those who have defaulted or delinquent student loans, as well as this with low incomes. However, the plan does not call for an extension of the moratorium.
Update 3/24/22, 11:56 a.m. ET: This story has been updated with additional information.
