Pres. Biden extends pause on student loan repayments through May 1, 2022

The White House announced Wednesday that President Biden extended a pause on student loan repayments an additional 90 days through May 1, 2022. Those with student loans had been scheduled to begin repayments on February 1.

Mr. Biden said in his statement announcing the extension that although unemployment is relatively low, many are still struggling with the economic fallout from the pandemic: “Now, while our jobs recovery is one of the strongest ever — with nearly 6 million jobs added this year, the fewest Americans filing for unemployment in more than 50 years, and overall unemployment at 4.2 percent — we know that millions of student loan borrowers are still coping with the impacts of the pandemic and need some more time before resuming payments.”

The pause began under former President Donald Trump, and continued under Mr. Biden. Some progressives have been urging the president to cancel student loans entirely, not just pause them. Student loan interest is set to kick back in when payments resume, but some Senate Democrats are asking President Biden to waive it. It is not yet clear whether this will be the final extension on student loan repayments.

Editorial credit: BiksuTong / Shutterstock.com

Related Posts

Loading...