News

Actions

Pause on student loan payments is extended through May 1

Joe Biden
Posted at 12:16 PM, Dec 22, 2021
and last updated 2021-12-30 12:29:02-05

WASHINGTON (AP) — The Biden administration is extending a student loan moratorium that has allowed tens of millions of Americans to put off debt payments during the pandemic.

Under the action Wednesday, payments on federal student loans will remain paused through May 1. Interest rates will remain at 0% during that period, and debt collection efforts will be suspended. Those measures have been in place since early in the pandemic but were set to expire Jan. 31.

This is the second extension from the administration. President Joe Biden says the administration understands that borrowers are still coping with the impact of the pandemic.