NATIONWIDE — President Joe Biden has announced that his administration will extend the freeze on student loan payments until May 1.
The pause on federal student loan payments was initially extended through September after Biden took office, before he once again extended the pause through the end of January.
Now, the pause has been extended by another three months in response to the ongoing effects of the COVID-19 pandemic.
“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 Wednesday, Dec. 22 statement.
He went on to note that the U.S. Department of Education will continue working with borrowers to help them transition smoothly back into repayment.
Biden urged borrowers to prepare for payments to resume, look at options to lower payments through income-based repayment plans, explore public service loan forgiveness and get vaccinated and boosted when eligible.