President Biden opted to extend the student loan repayment pause initially put into effect in the early days of the Covid-19 pandemic.
Background: Radical Democrats have pressured President Biden to extend the current pause on student loan repayments as the deadline dear nearer.
The pause first went into effect in March 2020 and was due to expire on Feb. 1, 2022.
Biden initially extended the pause on student loan repayment his first day in the White House.
“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,” Biden said in a statement, noting that 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.” (per Fox Business)
However, until recently the President was holding firm on his plans for repayments to begin.
“We will engage directly with federal student loan borrowers to ensure they have the resources they need and are in the appropriate repayment plan,” Psaki told reporters last week. “We’re still assessing the impact of the omicron variant.” (per Fox Business)
What Happened: On Wednesday, the Biden administration officially extended the federal student loan repayment pause through May 2022.