President Joe Biden‘s administration announced Wednesday it would extend its student loan moratorium that has been in place since his predecessor, allowing borrowers to put off debt payments amid the COVID-19 pandemic.

The latest action provides relief from payments through May 1, allowing interest rates to remain at 0% and temporarily suspending debt collection efforts. White House press secretary Jen Psaki initially signaled earlier this month that the moratorium would expire on Jan. 31, but that was before the latest omicron variant of COVID-19 became the most prevalent strain circulating the United States.