Home News Biden Will Extend Student Loan Payment Pause On Day One – Forbes

Biden Will Extend Student Loan Payment Pause On Day One – Forbes

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President-elect Joe Biden will be busy on his first day, signing nearly a dozen executive actions just after his inauguration.

According to a memo obtained by Forbes from incoming White House Chief of Staff Ron Klain, Biden will issue these actions to combat four crises: the pandemic, the economic crisis, the climate crisis, and the racial equity crisis. Among the actions includes are re-joining the Paris Agreement, reversing the Muslim ban, and more.

Student loan borrowers will also be happy to see that Biden will “ask the Department of Education to extend the existing pause on student loan payments and interest for millions of Americans with federal student loans.”

Payments and interest for federally-held student loans are currently suspended due to the coronavirus pandemic. In March, Congress passed the CARES Act and suspended both payments and interest through September 30, 2020. While House Democrats passed a bill in May that would have extended the suspension for another year, Senate Republicans never considered the legislation.

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