Biden administration extends student loan payment pause to May

The Biden administration on Wednesday extended its moratorium on federal student loan payments through May, giving Americans another four months of no payments or interest amid the COVID-19 pandemic.

The pause on payments was first enacted by the Trump administration in March 2020 to assist those economically impacted by the pandemic.

President Joe Biden said the pause has given millions of Americans “badly needed breathing room.”

“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,” he said in a statement.

“Meanwhile, the Department of Education will continue working with borrowers to ensure they have the support they need to transition smoothly back into repayment and advance economic stability for their own households and for our nation.”

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