Biden Extends Student Loan Freeze to May
President Biden on Wednesday extended the pandemic moratorium on federal student loan payments and interest accrual through May 1 amid surging cases of COVID-19.
The president announced the extension in a Wednesday statement that touted the strength of the economy during his first year in office but acknowledged the new threat posed by the omicron variant.
“Now, while our jobs recovery is one of the strongest ever, 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.
“Given these considerations, 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.”
Those who owe student loans to the federal government have not been required to make payments on their debt since former President Trump initially issued the moratorium in March 2020. Trump’s order also froze the accrual of interest on federal student loans, effectively freezing $1.6 trillion in debt owed by more than 40 million Americans. (Read more from “Biden Extends Student Loan Freeze to May” HERE)
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