President Joe Biden announced on Monday that he is extending the student loans pause until May 1.
The payments have been paused since the beginning of the pandemic. They were set to restarted Feb. 1 of 2022. Biden cited the ongoing Covid-19 pandemic as the reason for the extension.
“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 extension was first reported by Politico.
Balances have been frozen for almost two years, with no payments due on most federal student loans since March of 2020 when the pandemic began.
Former President Donald Trump took actions to extend the pause along with President Biden.