Recently introduced legislation would defer student loan repayments to the Pennsylvania Higher Education Assistance Agency for up to 60 days.
The bill is in response to the COVID-19 pandemic.
“With all the workplace closures happening in the wake of the COVID-19 outbreak, many commonwealth residents are grappling to pay their necessary bills because of the sudden loss of income,” state Rep. Malcolm Kenyatta (D-Philadelphia), who introduced the bill, said. “Borrowers, especially, are unable to make payments on their student loans.” The bill will provide some financial relief during an incredibly stressful time, Kenyatta said.
Pennsylvania has the nation’s second-highest average debt per student, Kenyatta said, at $35,759 per student.
Statewide, residents have $53.7 billion in student loan debt.
In 2017-18, students attending four-year or above institutions in Pennsylvania graduated with an average of $37,601 in debt, according to higher education think tank The Institute for College Access and Success. Of the graduates, 65 percent had debt.
The federal government also will waive interest on all federal student loans amid the spread of COVID-19, President Donald Trump said. The move allows borrowers to pause their payments without any penalties, CNBC reported.
In Pennsylvania, there have been 63 cases of coronavirus as of Sunday.