Biden prolongating payment break on federal student loans

President Joe Biden extends the payment pause on federal student loans. The sixth extension will be until September.

The sixth prolongement of the pause is making the break last more than 24 months already. It lasts two presidential terms. According to the Federal Reserve, the borrowers have saved nearly $200 billion.

Previously the decision of freezing the bills of millions of Americans with student loans was made by the ex-president Donald Trump. The circumstances of this decision were connected with the coronavirus crisis,

Biden added that resuming student loan payments right now might be risky.