WASHINGTON, April 6 – US President Joe Biden said on Wednesday his administration had extended student loan repayments on August 31 this year, giving borrowers extra financial support after two difficult economic years during the violence.
Payment suspensions have been increased several times since it was first implemented in March 2020 due to the COVID-19 epidemic. The current suspension was due to expire on 1 May.
“In order for the American people to continue to return to their former state after the most difficult two years this nation has ever faced, my superiors extend their student loan repayment,” Biden said in a statement.
Approximately 41 million borrowers have benefited from the interest rate suspension and nearly 27 million borrowers have not paid their monthly bills since the start of the campaign.