Biden administration will extend a pause on federal student loan repayments through August.
The Biden administration is planning to extend a pause on federal student loan repayments through August 31
The repayment freeze, which has been in place since the beginning of the pandemic, was scheduled to expire on May 1.
The administration is expected to announce the extension on Wednesday, the official said.
Borrower balances have effectively been frozen for more than two years, with no payments required. federal student loans since March 2020.
During this time, interest has stopped adding up and collections on defaulted debt have been on hold.
Joe Biden and former President Donald Trump have taken actions to extend the pause. Biden had previously moved the payment restart date on three different occasions.