President Biden Extends Pause on Student Loans Until May 1st

Due to the ongoing concerns surrounding the spread of the new Omicron strain, the president has felt it necessary to continue these relief efforts for an additional 90 days.

It’s a Christmas miracle for those with student loan debt, as President Biden announced he was extending the pause on payments through May 1st. In March of 2020, Congress passed the CARES Act, which temporarily suspended payments, interest, and collections on all federal student loans through September 30, 2020. This was extended not once, but twice by former President Trump before President Biden took office. Since then, he has also extended the pause several times, including once in January, and a second time in September. But due to the ongoing concerns surrounding the spread of the new Omicron strain, the president has felt it necessary to continue these relief efforts for an additional 90 days. Payments set to resume on February 1st, have now been pushed back to May 1st of 2022. The decision will impact about 41 million federal borrowers. In the meantime, President Biden confirmed “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.”