WASHINGTON, D.C. (KAMR/KCIT) — President Joe Biden announced Wednesday that the Federal Government will extend the freeze on federal student loan repayments through May 1, 2022, as the pandemic continues throughout the United States.
According to previous reports by MyHighPlains.com, White House press secretary Jen Psaki suggested that Biden could extend the pandemic freeze on student loan payments on interest accrual. Originally, the deadline for the freeze was initially scheduled for Jan. 31, 2022 after Biden extended an order issued by former President Trump to pause due payments and interest on federally held student loans through the end of next month.
“While our jobs recovery is one of the strongest ever — with nearly 6 million jobs added this year, the fewest Americans filing for unemployment in more than 50 years, and overall unemployment at 4.2 percent — we know that millions of student loan borrowers are still coping with the impacts of the pandemic and need some more time before resuming payments. This is an issue Vice President Harris has been closely focused on, and one we both care deeply about,” Biden said in a statement released Wednesday. “Given these considerations, today my Administration is extending the pause on federal student loan repayments for an additional 90 days — through May 1, 2022 — as we manage the ongoing pandemic and further strengthen our economic recovery. Meanwhile, 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. As we are taking this action, I’m asking all student loan borrowers to do their part as well: take full advantage of the Department of Education’s resources to help you prepare for payments to resume; look at options to lower your payments through income-based repayment plans; explore public service loan forgiveness, and make sure you are vaccinated and boosted when eligible.”