President Joe Biden announced on Wednesday that the nationwide student loan repayments moratorium will be extended again, with the end being shifted from May 1 to August 31.
Student loan payments have not been required since March 2020.
The continued pause will help Americans breathe a little easier as we recover and rebuild from the Pandemic, Biden said in a video posted to social media.
Until the new deadline, borrowers won't have to make payments on their student debt.
The Education Department called its last extension in August for the pause on student loan repayments.
The freeze was enacted by Donald Trump at the beginning of the coronaviruses epidemic.
The federal government has suspended monthly student loan payments for the sixth time during the Pandemic, highlighting the uncertainty surrounding the economic recovery. Senate Majority Leader Chuck Schumer urged the president to announce another extension in December, as new Covid cases jumped to their highest levels, despite the administration's insistence that the pause in August would be the last. Pressure has once again mounted in recent weeks with the looming expiration, with some industry experts slamming the president for waiting to announce another extension.
Biden said that people were hit hard by the Pandemic and that we have come a long way in the last year, but we are still recovering from the economic crisis it caused.
This is not a finished story. You can check back for updates.
The White House plans to extend the student loan Moratorium this week.
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