The Biden administration announced Wednesday that is extending a pause on student loan payments to May 1, extending the moratorium that has been in place for nearly two years. The payments were originally set to resume in February.
“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,” President Joe Biden said in a statement released by the White House.
The administrative forbearance program was implemented as part of the CARES Act in March 2020 and was extended once during the presidency of Donald Trump. President Biden has since extended the program twice, and now a third time.
There has been little controversy about the forbearance period, and it has been credited with avoiding thousands of defaults on loans over the course of the pandemic.
