The Biden administration extended the national pause on student loan payments until Aug. 31 due to the ongoing “recovery” from the COVID-19 pandemic.
The already-extended order was set to expire May 1.
"If loan payments were to resume on schedule in May, analysis of recent data from the Federal Reserve suggests that millions of student loan borrowers would face significant economic hardship, and delinquencies and defaults could threaten Americans’ financial stability," Biden said.
"That additional time will assist borrowers in achieving greater financial security and support the Department of Education's efforts to continue improving student loan programs," Biden added.
The President routinely called for Congressional action on student debt during his 2020 campaign for the White House.
"Immediate $10,000 forgiveness of student loans, helping people up there in real trouble," Biden said in 2020. "They’re having to make choices between paying their student loan and paying the rent. Those kinds of decisions."
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