Biden extends pause on student loan repayments through May 1

President Joe Biden has extended a pause on student loan repayments an additional 90 days through May 1, 2022, the White House announced Wednesday.

Those with student loans had been scheduled to begin repayments on February 1. Although unemployment is relatively low, the president said, many are still struggling with the economic fallout from the pandemic. 

"Now, while our jobs recovery is one of the strongest ever — with nearly 6 million jobs added this year, the fewest Americans filing for unemployment in more than 50 years, and overall unemployment at 4.2 percent — we know that millions of student loan borrowers are still coping with the impacts of the pandemic and need some more time before resuming payments," Mr. Biden said in his statement announcing the extension.