Under the action Wednesday, payments on federal student loans will remain paused through May 1.
Summary
- WASHINGTON (AP) – The Biden administration is extending a student loan moratorium that has allowed millions of Americans to put off debt payments during the pandemic.
- Under the action Wednesday, payments on federal student loans will remain paused through May 1.
- Interest rates will remain at 0% during that period, and debt collection efforts will be suspended.
- Those measures have been in place since early in the pandemic but were set to expire Jan. 31.
- President Joe Biden says the administration understands that borrowers are still coping with the impact of the pandemic.