Biden Extends Pause on Student Loan Repayments
President Joe Biden announced that he’s extending the pause on student loan payments from February 1 to May 1.
Biden faced mounting pressure to take action on student loans amid rising inflation and the omicron coronavirus surge.
“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 in a statement.
“Meanwhile, the Department of Education will continue working with borrowers to ensure they have the support they need to transition smoothly back into repayment and advance economic stability for their own households and for our nation.”
The move comes less than two weeks after White House press secretary Jen Psaki indicated the administration didn’t have any plans to extend the pause on federal student loan payments.
Federal student loans haven’t required payments since March 2020, and balances are subject to zero percent interest during the pause.
“Extending the pause will help millions of Americans make ends meet, especially as we overcome the Omicron variant,” Senate Majority Leader Chuck Schumer (D-N.Y.), Sen. Elizabeth Warren (D-MA), and Rep. Ayanna Pressley (D-MA) said in a statement.