The Biden administration on Wednesday announced a new round of federal student loan relief,
including another extension of the ongoing student loan payment pause.
But the announcement also included a new form of relief that will have a big impact for some borrowers.
Most federal student loan payments and interest have been suspended for over two years,
and collections efforts against defaulted federal student loan borrowers have been stopped,
as well. After several extensions, the relief was set to end on May 1.
But earlier on Wednesday, the administration announced that it will extend
the pause on student loan payments and interest for another four months to August 31, 2022.
Restarting repayment will financially destabilize many borrowers and their families,
Biden’s Student Loan
and will cause hardship for many who could not afford repayment,” said Biden in a statement.