Biden plans to increase the fee hiatus for scholar mortgage debtors by way of October 2021
President-elect Joe Biden speaks in New Castle, Delaware, at the National Castle / Reserve Center to Major Joseph R. "Beau" Biden III at New Castle Airport on January 19, 2021 before departing for Washington DC.
Jim Watson | AFP | Getty Images
President Joe Biden plans on Wednesday to extend the federal student loan payment hiatus through at least September 2021.
The executive order will be one of Biden's first acts as president.
The US Department of Education announced in March that borrowers would not have to pay their student loan bills or worry about interest rates for 60 days. This relief was repeatedly extended but expired at the end of this month.
The ongoing payment pause and the accrued interest on federal debt further relieve 42 million borrowers.