US President Joe Biden answers questions after speaking about the status of the country’s fight against Covid-19 and the Omicron variant, in the State Dining Room of the White House in Washington, D.C, on December 21, 2021. (Photo by BRENDAN SMIALOWSKI/AFP via Getty Images)
UPDATED 2:42 PM PT – Wednesday, December 22, 2021
Joe Biden has extended the pause on federal student loan repayments for the second time.
In a statement on Wednesday, the White House said student loan repayments would now start back up again on May 1. This is a 90-day extension to the hold, with repayments previously expected to restart Feb. 1. However, Biden originally extended the pause date for Oct. 1.
“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,” Biden said in the statement. “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.”
He claimed young adults may still be experiencing pandemic-related challenges, despite acknowledging that the country is boasting one of the strongest job recoveries ever with six million Americans re-entering the workforce.