WASHINGTON, D.C. (NBC) – The Biden administration officially paused federal student loan payments until September.
The payments, frozen for nearly a year, were scheduled to resume May 1, but the White House pushed that deadline back after calls from congressional Democrats.
Borrowers will not be asked to make payments on student loans until after August 31st and interest will remain at zero percent.
The moratorium has allowed millions of Americans to delay payments during the coronavirus pandemic.
It’s estimated some 43 million Americans owe about $1.6 trillion of student loan debt.
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