President Biden extends moratorium on student loan repayments

The Biden administration will extend the pause on student loan repayments until at least June 30, President Joe Biden announced Tuesday, as the student loan forgiveness program for millions of people remains stuck in court.

“The Secretary of Education is extending the pause on student loan repayments while we seek redress from the courts,” Biden said in a video released by the White House.

The extension through the summer gives the Supreme Court the chance to hear the case on Biden’s loan relief package during his next term, the president said.

“I’m completely confident that my plan is legal,” Biden said in the video.

The moratorium on student loan repayments, which has been in place for about two years, was due to expire on December 31, with payments resuming on January 1.

But the moratorium was supposed to be lifted alongside Biden’s debt relief package taking effect, easing the transition for people who haven’t had to repay their loans in years.

Now that the loan relief program, which would forgive between $10,000 and $20,000 in debt for some borrowers, has been stalled in court, the Biden administration has been considering extending the moratorium for some weeks.

This is a developing story. Please check for updates.