After pressure from advocates and lawmakers, the Biden administration extended the student loan payment pause
Student loan borrowers will have a reprieve from monthly bills for an extra 90 days, the Biden administration announced Wednesday.
In his statement announcing the extension of the pause, President Joe Biden acknowledged the financial challenges borrowers could face if they’d be forced to resume payments on February 1. “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.” Still, Biden emphasized the decent state of the economy, calling the jobs recovery “one of the strongest ever.
Cardona added that the U.S. Department of Education would continue to provide tools and support for borrowers to ensure they entered repayment with an affordable monthly bill. The Department and the servicers it hires to manage the student loan program were already communicating with borrowers about the return to repayment.
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