Biden Extends Student Loan Payment Pause Through May 1

President Biden extended the pause on federal student loan repayments by another three months as the U.S. faces a fresh wave of COVID-19 cases from the omicron variant, removing a near-term threat to millions of Americans’ finances.

The move on Wednesday takes the moratorium on payments, interest and collections through May 1. Biden had initially extended the pause through September after he took office and then stretched the end to Jan. 31. The president has faced pressure from Democratic lawmakers to provide the extension. 

Source: American Banker, Dec. 22