Friday's announcement by the Biden administration was that it would extend the payment pause for Federal Student Loan Borrowers through January 2022.The borrowers now have the option to pause their monthly bills without any interest. Around 90% of borrowers have done so. The pause was set to expire next month.Democrats and advocates have pressured President Joe Biden to give more time to the 42 million Americans who owe student debt.Learn more about Personal FinanceRetired and back to work: How income can clash with other financesWho would be benefited by proposed changes to 401 (k) catch-up contributionMany retirees are worried about inflation and running out of money.According to the White House, this will be the last extension.According to a survey by The Pew Charitable Trusts, 66% of borrowers stated that they are not ready to begin their payments again."We are pleased that the Biden administration has heeded us call to extend the suspension on federally-held student loan payments, providing an immense relief to millions of borrower facing a catastrophic financial cliff," said Senator Majority Leader Chuck Schumer (D-N.Y.), Sen. Elizabeth Warren (D-Mass.) and Rep. AyannaPressley (D-Mass.) in a joint statement.
