Joe Biden.Photo: MANDEL NGAN/AFP via Getty
Borrowers around the country can breathe a sigh of relief — at least, temporarily — with the news that student loan repayments are again on pause, this time until May 1, 2022.
In astatement released Wednesday, President Joe Biden said his administration “is extending the pause on federal student loan repayments for an additional 90 days — through May 1, 2022 — as we manage the ongoing pandemic and further strengthen our economic recovery.”
“Meanwhile, the Department of Education will continue working with borrowers to ensure they have the support they need to transition smoothly back into repayment and advance economic stability for their own households and for our nation,” the president, 79, added.
The new date of May 1, will signify the end of a freeze on federal student loan bills that began in March 2020 at the start of theCOVID-19pandemic and under the Trump administration.
Biden urged borrowers to “take full advantage of the Department of Education’s resources” as they prepare for payments to resume, adding: “look at options to lower your payments through income-based repayment plans; explore public service loan forgiveness; and make sure you are vaccinated and boosted when eligible.”
“This additional extension of the repayment pause will provide critical relief to borrowers who continue to face financial hardships as a result of the pandemic, and will allow our Administration to assess the impacts of Omicron on student borrowers,” U.S. Secretary of Education Miguel Cardona said in astatementWednesday.
The omicron variant isthe most contagious yetand has more mutations than any before it. However, multiple studies and reports have found that the booster shots are effective in preventing COVID-19 infections even with omicron.
The Biden-Harris Administration has taken a series of steps aimed at supporting students and borrowers, such as revamping the Public Service Loan Forgiveness program and providing $7 billion in relief for 401,000 borrowers who have a total and permanent disability.
source: people.com
