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Biden extends payment pause for student loan borrowers until October 2021

US President-Elect Joe Biden admonishes at Major Joseph R. “Beau” Biden III National Guard /Reserve Center in New Castle Airport on January 19, 2021, in New Citadel, Delaware, before departing for Washington, DC.

Jim Watson | AFP | Getty Images

President Joe Biden on Wednesday extended the payment break on federal student loans through at least September 2021.

The executive order is one of Biden’s first acts as president.

The U.S. Part of Education announced in March that borrowers wouldn’t have to pay their student loan bills or worry almost interest accruing for 60 days. That relief has repeatedly been extended but was set to expire at the end of this month.

The extended pause on payments and accruing interest on federal student loan debt gives further relief to 42 million grind loan borrowers.

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