The Biden administration has delayed the collection of federal student loan payments to Jan. 31, 2022, the final extension on the pandemic-related halt. The freeze on payments was set to expire on Sept. 30 before Friday’s announcement. “The payment pause has been a lifeline that allowed millions of Americans to focus on their families, health, and finances instead of student loans during the national emergency,” Education Secretary Miguel Cardona said in a statement, per Forbes. “As our nation’s economy continues to recover from a deep hole, this final extension will give students and borrowers the time they need to plan for restart and ensure a smooth pathway back to repayment.”
Student loan payments were first halted by the Trump administration last year due to the COVID-19 pandemic, with interest rates also set to zero percent. Democrats have pleaded for President Biden to take more action on student loans, including canceling a wide swath of student loan debt.
