The Student Loan Pause is Being Extended Again

If you are the proud owner of Student Loans, this is for you!

As you may know, Student Loans have been paused and 0% interest has been invoked since the start of the pandemic.

Unfortunately, most student loan borrowers are not anywhere near ready to restart payments, especially with the high cost of everything right now.

The current pause was set to end on May 1, 2022 but now, looks like another extension is happening.

According to multiple reports, The Biden administration will enact another extension of the student loan pause related to federally-backed student loans through the end of August.

“The payment pause has been a significant federal investment throughout the pandemic, providing essential relief to millions of families during the economic and public health crisis and saving them an average of $393 per month,” 

“Americans are not financially prepared to shoulder another bill as they face skyrocketing costs for necessities like food and gas.”

Source

They are not wrong. With inflation at an all-time high, people are trying to just keep up with day to day expenses and keeping food on their table and a roof over their head.

So, if you were worrying about your student loan payments starting next month, you can sleep a little easier tonight that you have a few more months to figure things out!