Biden administration extends pause on student loan repayments for an additional 90 days

During the White House briefing on Wednesday, press secretary Jen Psaki said the Biden administration would extend the pause on student loan repayments. The pause, which had been set to end on Jan. 31, will now be extended through May 1, 2022.

Video transcript

JEN PSAKI: As you may have seen already, today the president announced that his administration is extending the pause on student loan repayments for an additional 90 days through May 1, 2022. This is an issue both President Biden and Vice President Harris cared deeply about.

While the jobs recovery is one of the strongest on record, with nearly 6 million jobs added under President Biden, the fewest Americans filing for unemployment in more than 50 years, and overall unemployment down from 6% to 4.2%, we know some student loan borrowers are still coping with the pandemic and need some time before resuming payments. So this pause gives the administration time to manage the ongoing pandemic and further strengthen our economic recovery.

In the meantime, the Department of Education-- and they also issued a statement that hopefully you will have seen-- will continue working with borrowers to support a smooth transition back into repayment and advance economic stability. I would also note, for all of the student-- those who have student loans out there, the president also renewed his call for all student loan borrowers to do their part, as well, by taking full advantage of the Department of Education's resources, considering income-based repayment plans or public service loan forgiveness, and getting vaccinated or boosted.

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