An estimated 36 million Americans have outstanding student loans. A moratorium on repayments has been announced by the President in an effort to help those families during the pandemic.
President Joe Biden announced he is extending the pause on student loan repayments until May 1st, instead of the planned ending on February 1st. White House Spokesperson Jen Psaki.
"This pause, gives the administration time to manage the ongoing pandemic, and further strengthen our economic recovery. In the meantime, the department of education, and they also issued a statement that hopefully you will have seen, will continue working with borrowers to support a smooth transition back into repayment."
An estimated 36 million Americans have outstanding student loans. According to the government, almost all of them accepted the initial plan to halt payments during the pandemic.
Repayments were paused back in March of 2020 meaning no payments were required since then and no interest has accumulated on those loans.
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