Biden Freezes Student Loan Payments Until May 1

Biden Freezes Student, Loan Payments Until May 1.

NPR reports President Biden has extended the freeze on student loan payments until May 1, 2022.

The freeze will reportedly offer relief for nearly 41 million federal student loan borrowers.

We know that millions of student loan borrowers are still coping with the impacts of the pandemic and need some more time before resuming payments.

, President Joe Biden, via statement.

Before Biden's announcement, payments were to resume in February.

Student loan payments have been on pause since the onset of the pandemic.

Student loan payments have been on pause since the onset of the pandemic.

In a recent survey, 49% of borrowers said they were "not at all confident" they could restart payments in February.

In a recent survey, 49% of borrowers said they were "not at all confident" they could restart payments in February.

We don't need to start the student loan system right now.

, Mike Pierce, executive director at the Student Borrower Protection Center, via NPR.

Over 7 million student borrowers in the United States have defaulted on their loans.

Experts say borrowers who have defaulted on loans could have an extremely difficult time when payments resume.

Experts say borrowers who have defaulted on loans could have an extremely difficult time when payments resume.

Defaulted borrowers are really balancing on the edge of life here.

, Mike Pierce, executive director at the Student Borrower Protection Center, via NPR.

Defaulted borrowers are really balancing on the edge of life here.

, Mike Pierce, executive director at the Student Borrower Protection Center, via NPR