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Topline
President Joe Biden on Wednesday announced the nationwide moratorium on federal student loan repayments will be extended again, with the end shifted from May 1 to August 31.
Federal student loan payments haven’t been required since March 2020.
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Key Facts
Until the new deadline, borrowers won’t face additional interest, collections or be forced to make payments on federally backed student debt.
The move comes after the Education Department called its last extension, announced in August, the “definitive end date” for the pause on student loan repayments.
Former President Donald Trump first enacted the freeze at the beginning of the coronavirus pandemic in March 2020.
Crucial Quote
“I know… we’ve come a long way in the last year, but we’re still recovering from the economic crisis [the pandemic] caused,” Biden said Wednesday. “This continued pause will help Americans breathe a little easier as we recover and rebuild from the pandemic.”
This is a developing story. Please check back for updates.
Further Reading
White House Reportedly Plans To Extend Student Loan Moratorium This Week (Forbes)
Financial Services
