WASHINGTON -The Biden administration is expected to announce on Wednesday an extension of the student loan repayment pause through Aug. 31, an administration official familiar with White House’s decision making said on Tuesday.
The repayment moratorium has been extended multiple times since it was first put in place in March 2020 due to the COVID-19 pandemic. The current pause was set to expire on May 1.
Nearly 41 million borrowers have benefited from a freeze on interest accruals and about 27 million borrowers have not had to pay their monthly bills since the forbearance began.
(Reporting by Jeff Mason; Writing by Eric Beech; Editing by Tim Ahmann and Aurora Ellis)