President Joe Biden announced Wednesday he is extending the pause on student loan payments until May 1.
The administration released a statement on the matter:
— ABC News (@ABC) December 22, 2021
The President tackled how, due to the pandemic, many students have been struggling to pay off their loans in a reasonable amount of time.
“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,” the President wrote. “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.”
Previously the White House was not planning on extending debt relief, with payments having been planned to resume on Feb. 1.
Democratic lawmakers, including Majority Leader Chuck Schumer and Senator Elizabeth Warren, applauded Biden’s decision and said in a statement that this extension will help improve borrowers’ economic security.
— ABC News Politics (@ABCPolitics) December 22, 2021
News that the loan freeze would end on Feb. 1 originally outraged many students. The main gripes were that people felt unprepared to pay off their loans on such short notice, and also felt duped by Biden, who had made student loan forgiveness one of the pillars of his 2020 campaign.
Separately, since taking office, Biden’s Department of Education has made it easier for people who were defrauded by for-profit colleges to seek debt relief. It has also temporarily expanded the Public Service Loan Forgiveness program that cancels outstanding debt for qualifying public service workers after they have made payments for 10 years.