The Biden Administration Extends Pause On Student Loan Repayments
The White House just released a statement extending the pause on student loan repayments through May 1, 2022. This major announcement is a massive relief to approximately 41 million American borrowers expected to resume payments after January 31, 2022. This latest pause is the third extension that President Biden has mandated through the Department of Education since his term in office.
According to the press release from the White House, this additional 90 days of relief will also help borrowers cope financially during the pandemic. Although this is a reprieve, borrowers are encouraged to seek out income-based repayment plans, public service student loan forgiveness, and other options that will assist with the transition of the payments after May 1, 2022..
Read more about the extension here.