Biden Administration Extends Student Loan Payment Pause
On April 6, the Biden administration announced it will extend the student loan repayment pause through August 31, making it the sixth extension since the moratorium was introduced at the onset of the pandemic. Payments had been slated to resume May 1. However, roughly 37 million borrowers will now have a few more months without interest accruing on their loans. The administration said it will also help 7.5 million people exit default on their federally-backed student loans. The latest announcement comes as President Biden continues to face ongoing pressure from some Congressional Democrats to forgive upwards of $10,000 in federal student loan debt. Read more.