President Biden Just Extended The Pause on Student Loans. Here’s What We Know.

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OMG this is great news!!

President Joe Biden just announced that he is extending the pause on student loan payments until May 1.

In case you didn’t know, the payments were set to restart on February 1, and people everywhere have been panicking on how to be able to pay for them.

People are still trying to recover from the pandemic and figure out how to move forward having jobs that pay their bills while being able to live comfortably.

So, honestly, this news relieves a ton for so many.

“Given these considerations, 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,” “Meanwhile, 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.”

President Biden
Mini graduation mortar board on cash and coins

YES! I am so glad they did this.

Now, keep in mind, if you have student loans, you can continue to make payments with 0% interest meaning you will be paying them down a lot faster before the interest comes back into play.

You can also prepare yourself for the payments to restart in May by applying for a forbearance or student loan reduction payment programs via the student loan website.

So, if you were stressed or worried about the payments coming up, you have a few extra months to figure things out.

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