Biden Administration Extends Student Loan Pause

On April 6, the White House released a statement on President Biden’s action to pause the payment of student loans until August 31, 2022. The president is quoted, “I am asking all student loan borrowers to work with the Department of Education to prepare for a return to repayment, look into Public Service Loan Forgiveness, and explore other options to lower their payments. Vice President Harris and I are focused on supporting borrowers in need and believe that this pause will provide a continued lifeline as we recover and rebuild from the pandemic.”

The U.S. Department of Education also issued a release regarding student loan repayment, including the work the department is doing regarding the retooling of the Public Service Loan Forgiveness program. “The Department of Education is committed to ensuring that student loan borrowers have a smooth transition back to repayment,” said U.S. Secretary of Education Miguel Cardona. “This additional extension will allow borrowers to gain more financial security as the economy continues to improve and as the nation continues to recover from the COVID-19 pandemic. It remains a top priority for the Biden-Harris Administration to support students, families, and borrowers – especially those disproportionately impacted by the pandemic. During the pause, we will continue our preparations to give borrowers a fresh start and to ensure that all borrowers have access to repayment plans that meet their financial situations and needs.”