Statement by President Joe Biden extending the pause on student loan repayment by an additional 90 days
When I came to power we were facing a number of unprecedented crises. Our economy was only creating 50,000 new jobs a month, less than 1% of Americans were fully immunized, many schools were closed, and Americans across the country struggled to pay their bills and stay afloat. That’s why, on my first day as president, I called on the Department of Education to suspend federal student loan repayments until September. In August, my administration extended the break again, until January 31, 2022. The break gave 41 million Americans much-needed leeway during the economic upheavals caused by the global COVID-pandemic. 19.
Today, as our job recovery is one of the strongest ever – with nearly 6 million jobs created this year, the fewest Americans to have filed for unemployment in more than 50 years and an overall unemployment rate of 4.2% – we know millions of student loan borrowers are grappling with the impacts of the pandemic and need more time to resume payments. This is an issue on which Vice President Harris has focused closely, and one that we both care deeply about.
With these considerations in mind, my administration is today extending the break in federal student loan repayments for an additional 90 days – until May 1, 2022 – as we manage the ongoing pandemic and further strengthen our economic recovery. Meanwhile, the Department of Education will continue to work with borrowers to ensure they have the support they need to make a smooth transition to repayment and promote economic stability for their own households and for our country.
As we take this step, I ask all student loan borrowers to do their part as well: Take full advantage of the Department of Education’s resources to help you prepare for resumption of payments; explore options for reducing your payments with income-based repayment plans; explore the cancellation of public service loans; and make sure you are vaccinated and boosted when you are eligible.