WASHINGTON, D.C. (NBC) – President Biden announced Wednesday that he will be extending the pause on student loan repayments for an additional 90 days.
The payments were originally set to restart on February 1st, but now students will not have to start repaying back those loans until May 1st.
The move is a reversal of the administration’s previous stance. The White House said in August that the January 31st extension would be the final pause on federal student loan payments.
The president said the ongoing COVID-19 crisis in America is the reason for the extension.
Borrower balances have been frozen for most student loans since the beginning of the pandemic nearly two years ago.