President Biden officially announces that student loan payments will be extended through May 2022

Roommate, earlier this month many were very disappointed after President Joe Biden confirmed he would not extend the student loan facility – but now things have changed. Largely due to the overwhelming increase in the number of Omicron variant infections, President Biden has just announced that he will officially extend student loan payments until May 2022.

Everyone who hoped for a Christmas miracle for theirs Student Loan Payments I’ve just received one courtesy of the Biden administration, which provides for an almost six-month extension. President Biden recently stated that all student loan payments will be on hold until May 1, 2022.

In a statement, Biden explained the decision:

With these considerations in mind, today my administration is extending the federal student loan repayment break for another 90 days – through May 1, 2022 – as we navigate the ongoing pandemic and further strengthen our economic recovery. In the meantime, the Department of Education will continue to work with borrowers to ensure they receive the support they need to make a smooth transition to repayment and promote economic stability for their own households and for our nation. “

As we reported earlier, President Biden said through White House Press Secretary Jen Psaki a few weeks ago that student loan debt would not be canceled and that payments were expected to start again in February.

It was then that Psaki stated what is expected next as various Democrats, Progressives and Liberals are very critical of this recent announcement. “In the coming weeks we will publish more details about our plans. We will be in touch with federal student loan borrowers directly to ensure they have the necessary resources and are on the appropriate repayment schedule. A smooth transition back to repayment is a high priority for the administration, ”she said.

She added, “The Department of Education is already communicating with borrowers to help them prepare for the February 1st repayment. 41 million borrowers have benefited from the extended student loan payment hiatus, which expires on February 1st. “st, so we’re just making a series of preparations at the moment. “

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