The Biden Administration has given student loan borrowers an early Christmas present, extending the pause on payments until May 1.
“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,” the president said in a statement issued Wednesday (Dec. 22).
According to the U.S. Department of Education, the extension will allow the administration to determine how the Omicron variant will impact student borrowers, giving them more time before the resumption of payments.