Biden plans to increase the cost 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 pay their student loan bills or worry about accrued interest for 60 days. This relief has been 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.

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