The student loan pause has been extended until the end of August

The student loan pause has been extended until the end of August

Transcript¹

NPR's Leila Fadel talks to Mike Pierce of the Student Borrower Protection Center, about plans to extend the student loan payment pause and a reset² for roughly 7 million borrowers who are in default.

LEILA FADEL, HOST:

The Biden administration is extending the moratorium³ on federal student debt and allowing borrowers who are in default to start over with a clean slate⁴. Education Secretary Miguel Cardona tells NPR a reset is the right thing to do.

(SOUNDBITE OF ARCHIVED NPR BROADCAST)

MIGUEL CARDONA: We know so many of our borrowers have fallen on hard times even before the pandemic. They maybe had delinquency in payments. Or they've had to default on their loans. And what we want to do is make sure they have a fresh start. We want to make sure that their loans are put in good standing⁵ again.

FADEL: Let's hear now from someone who wants the administration to go even further. Mike Pierce is executive director of the Student Borrower Protection Center. Mr. Pierce thanks for being here.

MIKE PIERCE: Thanks for having me.

FADEL: So your organization advocates for federal student loans to be forgiven entirely⁶. Do you see this extension and clean slate for those in default as a step in that direction?

PIERCE: Absolutely. This is a breath of FRESH AIR for tens of millions of people and very welcome news. But it also sets up a very high-stakes decision for President Biden over the summer. The extension of the pause on student loans only lasts until the end of August, at which point 35 or 40 million people are going to find themselves right where they were yesterday morning when they woke up. Joe Biden ran on a promise to cancel student debt for everybody. It's what people with student debt expect from this administration. They're the people that put him in the White House. And it's time for Joe Biden to keep his promise.

FADEL: I mean, I got to ask, though, you know, the extension expires in August right now, which has surprised a lot of people, before the midterm elections in November. But this is a big issue for many voters, as you mentioned, saddled with huge loans. What do you think the political implications would be if the moratorium isn't extended?

PIERCE: I think this is actually a sign of something really big to come. It would be political malpractice for Joe Biden to restart student loan payments just weeks before tens of millions of people with student debt go to the polls. It doesn't seem to me like the White House here just set up Joe Biden to kick his base in the teeth right before they have to go vote. I think, instead, we're going to see the president keep his promise to people with student debt right when it matters most.

FADEL: But how fair is fresh start for student loan borrowers who faithfully made payments every month and now have partially⁸ or fully⁷ paid off their loans when others haven't?

PIERCE: The student loan system has been broken for decades. And millions of people that have fallen behind on their loans have done so through no fault of their own. Millions of people have this right to make payments based on how much money they make rather than how much debt they owe. And we know, based on reporting from NPR and reporting from others, that this just hasn't worked for decades. And the lowest income people have ended up in default instead. Fresh start is about justice, and it's about equity⁹. It's not about taking away from people that have been paying their bills. It's about making sure that everybody gets to start from the same place when the student loan system boots back up again.

FADEL: What do you say to critics who say, look; canceling student loans would just incentivize colleges and universities to raise tuition even higher?

PIERCE: America's facing a student debt crisis. And that exists whether or not college is made free tomorrow. People have been saddled with debts that they can't afford because our higher education system is broken and because we've relied on debt to pay for it for two generations. This is, again, just about justice and equity. And whether or not you make college free, people are still struggling under the weight of tens of billions of dollars of student debt.

FADEL: On the campaign trail, President Biden ran on a promise to forgive up to $10,000 in student debt per borrower. That hasn't happened. Is there any chance that a measure like that would make it through a divided Congress?

PIERCE: The good news about the pledge by the president to cancel student debt is that he doesn't need Congress to act. The Higher Education Act of 1965 gives the president all of the legal authority he needs to cancel student debt for everybody tomorrow. It is just a question of political will.

FADEL: But he says he needs Congress, right?

PIERCE: Well, the president has said a few different things. Importantly, at the beginning of the administration, he asked the Justice Department and the Education Department to figure out whether he can cancel debt through executive action. And all signs point to a happy ending here for people with student debt. We haven't gotten an answer back yet from the government's lawyers. But at the same time, no one has said no yet. And it seems like the decision that's getting set up for the summer is going to have a happy ending.

FADEL: If there's no broad cancellation¹⁰ of student debt, what's the next best path in your view?

PIERCE: Keeping the student loan system off is really important on its own terms. We joined with hundreds of other progressive organizations to call on the president to keep the student loan system turned off until he keeps his promise to cancel student debt and also to fix what's wrong with the student loan system. So I mentioned before there have been scandals with this program called income-driven repayment¹¹ that's supposed to give people a right to an affordable¹² payment. The president needs to fix that and use this extraordinary authority he has so that everyone that's been in debt for decades, more than 4 million people, also get their debts cancelled. Fixing the broken system is the next most important thing.

FADEL: Mike Pierce, executive director of the Student Borrower Protection Center, thank you for your time.

PIERCE: Thanks for having me.

1 transcript   

n.抄本，誊本，副本，肄业证书

参考例句：

• A transcript of the tapes was presented as evidence in court.一份录音带的文字本作为证据被呈交法庭。
• They wouldn't let me have a transcript of the interview.他们拒绝给我一份采访的文字整理稿。

2 reset   

v.重新安排，复位；n.重新放置；重放之物

参考例句：

• As soon as you arrive at your destination,step out of the aircraft and reset your wristwatch.你一到达目的地，就走出飞机并重新设置手表时间。
• He is recovering from an operation to reset his arm.他做了一个手臂复位手术，正在恢复。

3 moratorium   

n.(行动、活动的)暂停(期)，延期偿付

参考例句：

• The government has called for a moratorium on weapons testing.政府已要求暂停武器试验。
• We recommended a moratorium on two particular kinds of experiments.我们建议暂禁两种特殊的实验。

4 slate   

n.板岩，石板，石片，石板色，候选人名单；adj.暗蓝灰色的，含板岩的；vt.用石板覆盖，痛打，提名，预订

参考例句：

• The nominating committee laid its slate before the board.提名委员会把候选人名单提交全体委员会讨论。
• What kind of job uses stained wood and slate? 什么工作会接触木头污浊和石板呢？

5 standing   

n.持续，地位；adj.永久的，不动的，直立的，不流动的

参考例句：

• After the earthquake only a few houses were left standing.地震过后只有几幢房屋还立着。
• They're standing out against any change in the law.他们坚决反对对法律做任何修改。

6 entirely   

ad.全部地，完整地；完全地，彻底地

参考例句：

• The fire was entirely caused by their neglect of duty. 那场火灾完全是由于他们失职而引起的。
• His life was entirely given up to the educational work. 他的一生统统献给了教育工作。

7 fully   

adv.完全地，全部地，彻底地；充分地

参考例句：

• The doctor asked me to breathe in,then to breathe out fully.医生让我先吸气，然后全部呼出。
• They soon became fully integrated into the local community.他们很快就完全融入了当地人的圈子。

8 partially   

adv.部分地，从某些方面讲

参考例句：

• The door was partially concealed by the drapes.门有一部分被门帘遮住了。
• The police managed to restore calm and the curfew was partially lifted.警方设法恢复了平静，宵禁部分解除。

9 equity   

n.公正，公平，（无固定利息的）股票

参考例句：

• They shared the work of the house with equity.他们公平地分担家务。
• To capture his equity,Murphy must either sell or refinance.要获得资产净值，墨菲必须出售或者重新融资。

10 cancellation   

n.删除，取消

参考例句：

• Heavy seas can cause cancellation of ferry services.海上风浪太大，可能须要取消渡轮服务。
• Her cancellation of her trip to Paris upset our plan.她取消了巴黎之行打乱了我们的计划。

11 repayment   

n.偿还，偿还款；报酬

参考例句：

• I am entitled to a repayment for the damaged goods.我有权利索取货物损坏赔偿金。
• The tax authorities have been harrying her for repayment.税务局一直在催她补交税款。

12 affordable   

adj.支付得起的，不太昂贵的

参考例句：

• The rent for the four-roomed house is affordable.四居室房屋的房租付得起。
• There are few affordable apartments in big cities.在大城市中没有几所公寓是便宜的。