Biden extends student loan repayment freeze through August

The pause in payments affects over 36 million borrowers, who collectively hold over $1.3 trillion in student loan debt."If loan payments were to resume on schedule in May, analysis of recent data from the Federal Reserve suggests that millions of student loan borrowers would face significant economic hardship, and delinquencies and defaults could threaten Americans’ financial stability," the president said in a statement.

Education Secretary Miguel Cardona touted the extension of the pause, saying it would"allow borrowers to gain more financial security as the economy continues to improve and as the nation continues to recover from the COVID-19 pandemic.""It remains a top priority for the Biden-Harris Administration to support students, families, and borrowers — especially those disproportionately impacted by the pandemic," Cardona said.

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