Biden extends moratorium on student loan repayments

“We know that millions of student loan borrowers are still dealing with the impacts of the pandemic and need more time before they can resume payments,” Biden said in a statement released by the White House.

“Given these considerations, today my Administration is extending the pause in federal student loan payments for an additional 90 days, until May 1, 2022, as we manage the ongoing pandemic and further strengthen our economic recovery,” he said.

The move comes just days after hopes that the Senate would pass Biden’s massive social spending bill faded.

The president has been unable to muster a majority in the Senate for his $ 1.7 trillion “Build Back Better” plan that would address issues like health care, education and climate change.

Upon taking office in January 2021, Biden directed the Department of Education to suspend federal student loan payments until September.

He later extended the hiatus until January 31, 2022.