News Public Policy News Biden Extends Student Loan Pause Again Extension helps borrowers achieve ‘greater financial security,’ president says By Diccon Hyatt Updated on April 7, 2022 Fact checked by Julianne Slovak Photo: Chip Somodevilla/Getty Images The White House has extended the freeze again on federal student loan payments and interest through Aug. 31 from its previous May 1 deadline. In extending the pause, which allows borrowers with federal student loans to skip their monthly payments without penalty, President Joe Biden cited recent research from the New York Federal Reserve showing that many borrowers would have trouble resuming payments. It was the sixth extension of the pause, which was first put in place more than two years ago when the pandemic hit. “That additional time will assist borrowers in achieving greater financial security and support the Department of Education’s efforts to continue improving student loan programs,” Biden said in a statement. He also advised borrowers to use the extra time to look into options such as Public Service Loan Forgiveness—a program that erases student loan debt for public servants. The Biden administration dramatically expanded the program last year to make more people eligible. Have a question, comment, or story to share? You can reach Diccon at dhyatt@thebalance.com. Want to read more content like this? Sign up for The Balance’s newsletter for daily insights, analysis, and financial tips, all delivered straight to your inbox every morning! Was this page helpful? Thanks for your feedback! Tell us why! Other Submit Sources The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. Read our editorial process to learn more about how we fact-check and keep our content accurate, reliable, and trustworthy. The White House. “Statement by President Biden Extending the Pause on Student Loan Repayment Through August 31st, 2022 | The White House.”