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Biden extends student loan payment pause until May

(WASHINGTON) — President Joe Biden said on Wednesday that he was extending the pause on student loan repayments an extra 90 days ahead of its expiration at the end of January.

Since March 2020, tens of millions of Americans have been able to hold off making regular payments on their federal student loans thanks to a pause put in place in response to the pandemic.

Democrats on Capitol Hill had pressured Biden to extend the pause as the pandemic stretched on.

“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,” Biden said in a written statement on Wednesday.

“Given these considerations, today my Administration is extending the pause on federal student loan repayments for an additional 90 days — through May 1, 2022 — as we manage the ongoing pandemic and further strengthen our economic recovery,” Biden said.

This is a developing story. Please check back for updates.

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