The administration says this will be a final extension.
’s administration is extending the moratorium on federal student loan payments until January 2022, the Education Department announced Friday.
The administration is emphasizing that this will be the final extension of the payment pause. The Education Department — which oversees $1.4 trillion worth of student loan debt held by more than 40 million borrowers — said in a statement that setting a definitive end date for the moratorium will give both borrowers and loan servicers time to prepare for payments to restart.
Congressional Democrats, led by Rep. Ayanna Pressley , Senate Majority Leader Chuck Schumer and Sen. Elizabeth Warren , had pressured Biden to extend the moratorium. Many lawmakers clamoring for the administration to extend the moratorium were progressives, but some moderates — including Sen. Kyrsten Sinema — also backed an extension.
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