By Mary O’KEEFE

On Wednesday, President Joe Biden announced a 90-day extension of the “pause” for student loan repayments.

“We know that millions of student loan borrowers are still coping with the impacts of the pandemic and need some more time before resuming payments. This is an issue Vice President [Kamala] Harris has been closely focused on, and one we both care deeply about,” President Biden stated in a release on Wednesday.

With these considerations, the Administration extended the pause on federal student loan repayments for an additional 90 days to May 1, 2022.

“This is such a relief,” said a man who has been paying off his loan for years. “There is so much pressure taken off [my shoulders]. I don’t have to worry that my next paycheck right after the holidays [will be] for repayment of the loan.”

Another former student is relieved that there is an extension but feels the problem has just been kicked down the road.

“I want to know if [the loan] will come back in full force,” she said. She added that the political promises that were made by President Biden and others to forgive student loans have yet to be addressed.

“It’s nice to have an extra 90 days,” she added.

She knows that there are many who have lost their jobs or have had their hours dramatically reduced due to the pandemic and this extension gives some breathing room but she would like to see some real loan forgiveness.

“I hope the delay means they are working on it,” she said. “I still support President Biden and still appreciate all he has done; I just want to see [this issue] addressed.”

President Biden is asking all student loan borrowers to use this time to take full advantage of the Dept. of Education’s resources to help prepare for when payments resume and to look at options to lower payments through income-based repayment plans.

Student loans take an average of 20 years to repay. The average student loan for an education at a public university is about $30,000, according to The Education Data Initiative. This average does not include food and housing, or some labs required for specific majors.

California State universities cost an average of $6,600 per year for credentialed programs but for medical, legal and other professional careers the price can increase dramatically.

The average physician pays $365,000 to $440,000 for an educational loan plus interest. A $200,000 debt can double in 10 years, according to Dec. 9, 2021 interest rates.

About 76% to 89% of medical school graduates have educational debt; 43% of medical school graduates have premedical educational debt. According to NerdWallet, since President Biden took office in January 2021, relief for specific student loan borrowers has been extended rather than broad forgiveness given for all.