Student loan pause extended through May 1, 2022

 

SOUTH BEND, Ind. -- Student loan borrowers won't have to start paying back their loans until May 1, 2022. 

“This is an issue President Biden and Vice President Harris care deeply about,” said White House Press Secretary Jen Psaki. 

This announcement comes after the previous extension of the student loan pause, set for January 31, 2022, was described as "final," but congressional Democrats have urged President Biden to extend the deadline further, as millions of Americans are still being impacted by the pandemic. 

Democrats have also called upon Biden to cancel $50,000 worth of student loan debts through executive action, in an effort to jump-start the economy, though he technically does not have that power, according to House Speaker Nancy Pelosi. 

While it is unclear if the student loan pause will be extended again, or if student loan debts will be cancelled, the White House urged borrowers to use all their options to deal with their debt. 

“The President also renewed his call for all student loan borrowers to do their part as well by taking full advantage of the Department of Education’s resources, considering income-based repayment plans, or public service loan forgiveness, and getting vaccinated or boosted,” said Psaki. 

While the payment pause has been extended, interest rates are not increasing, and borrowers can continue to make payments if they want.