The Biden administration is planning another extension to the pause on federal student loan payments, according to multiple reports.
An announcement is expected as soon as Wednesday and would further extend the moratorium on federal student loan payments that began in March of 2020 through the end of August. Payments were set to resume on May 1.
While the White House has yet to confirm the reports, multiple outlets cited sources within the administration that the pause would be extended.
The White House did not respond to a request for comment seeking confirmation of the reports.
BIDEN WEIGHS EXTENDING STUDENT LOAN FREEZE BEYOND MAY
The pause in payments affects over 36 million borrowers, who collectively hold over $1.3 trillion in student loan debt.
Last week, a group of over 100 congressional Democrats led by Senate Majority Leader Chuck Schumer of New York and Sen. Elizabeth Warren of Massachusetts signed a letter asking the administration to pause payments through the end of the calendar year and to consider canceling federally held student loan debt.
“Restarting repayment will financially destabilize many borrowers and their families, and will cause hardship for many who could not afford repayment,” the letter said. “Most borrowers are not financially prepared to shoulder another bill as they face skyrocketing costs for necessities like food and gas.”
The pause on federal student loan payments was first implemented by the Trump administration in the early days of COVID-19. The pause has since been extended multiple times, most recently in December 2021.
CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
White House chief of staff Ron Klain raised the possibility of another extension during a podcast interview last month, noting that no student loan payments have been required for the length of President Joe Biden’s term in office.
