The Department of Education says it’s the “final extension.”
The moratorium on student loan payments began in March 2020, initially pausing payments through September 2020 and keeping interest rates at 0 percent. Then-President Donald Trump extended the pause on student loan payments, which benefited more than 40 million people, through January and President Joe Biden extended it once again on his first day of office.
In June, Senate Majority Leader Chuck Schumer of New York and Sen. Elizabeth Warren of Massachusetts led a group of dozens of Democrats that called on Biden to extend the pause. And many are now pushing on Biden to go further and. Schumer has been leading a group of Democrats to try to get Biden to cancel up to $50,000 of debt per borrower.
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