President Biden Formally Announces Student Loan Payments Will Be Extended Until May 2022

President Biden Formally Announces Student Loan Payments Will Be Extended Until May 2022

Roommates, earlier this month many were highly disappointed after President Joe Biden confirmed that he would not extend student loan payment relief—but now things have changed. Largely due to the overwhelming rise in the number of Omicron variant infections, President Biden just announced that he will officially be extending student loan payments until May 2022.

All those who were hoping for a Christmas miracle in terms of their student loan payments just got one courtesy of the Biden administration that provides an almost six-month extension. President Biden recently stated that all student loan payments will be paused until May 1, 2022.

Via statement, Biden explained the decision:

“Given these considerations, today my 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.”

 

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 As we previously reported, President Biden via White House Press Secretary Jen Psaki, said a few weeks ago that canceling student loan debt was not going to happen and that payments were expected to begin again in February.

At the time, Psaki explained what is expected next, as various fellow Democrats, progressives and liberals are highly critical of this latest announcement. “In the coming weeks, we will release more details about our plans. We will engage directly with federal student loan borrowers to ensure they have the resources they need and are in the appropriate repayment plan. A smooth transition back into repayment is a high priority for the administration,” she said.

She continued adding, “The Department of Education is already communicating with borrowers to help them to help to prepare for return to repayment on February 1. 41 million borrowers have benefitted from the extended student loan payment pause, but it expires February 1st, so right now we’re just making a range of preparations.”

 

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