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Biden Administration pauses federal student loan payments

Students at NIACC campus in Mason City, many of whom likely owe debt as they pursue their educations.

WASHINGTON, D.C. – President Joe Biden’s Administration took immediate steps just hours after inauguration to prove relief to struggling Americans crushed by the onslaught of crippling and outrageous student debt.

The White House said Wednesday that at the request of President Biden, the Acting Secretary of Education will extend the pause on federal student loan payments and collections and keep the interest rate at 0%.

“Too many Americans are struggling to pay for basic necessities and to provide for their families,” the White House statement said.  “They should not be forced to choose between paying their student loans and putting food on the table.”

The pause on student loan payments was set to soon expire.  It began in 2020 with the onset of the Covid-19 pandemic under the Trump Administration.

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