The Biden administration is planning to extend a pause on federal student loan repayments through Aug. 31, an administration official says
The Biden administration is planning to extend a pause on federal student loan repayments through August 31, according to an administration official familiar with the matter.
The repayment freeze, which has been in place since the beginning of the pandemic, was scheduled to expire on May 1.The administration is expected to announce the extension on Wednesday, the official said. Borrower balances have effectively been frozen for more than two years, with no payments required on most federal student loans since March 2020. During this time, interest has stopped adding up and collections on defaulted debt have been on hold.
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