The Biden administration will extend the pause on federal student loan repayments through May 2022 — just weeks before the moratorium was set to expire — amid pressure from progressive Democrats.
The Department of Education paused federal student loan payments in March 2020 at the onset of the coronavirus pandemic and set the interest rates to 0% during the pause. Federal borrowers were scheduled to resume payments on Feb. 1, 2022.
Biden, on his first day in office, directed the Department of Education to pause federal student loan repayments through September 2021. In August, the Biden administration extended the pause through the end of next month.
"Today, my Administration is extending the pause on federal student loan repayments for an additional 90 days — through May 1, 2022 — as we manage the ongoing pandemic and further strengthen our economic recovery," Biden said in a statement, noting that 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."
