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The student loan payments were put on pause due to the coronavirus pandemic and were set to resume on May 1. The Biden administration is now planning to freeze the federal student loan payments through August 31.
According to Fox 11, the action will apply to more than 43 million Americans who owe a combined $1.6 trillion in student debt. People with the student loans are not required to make payments until after August 31 and during that time the interest rates will be at 0%.
"Borrowers are struggling with rising costs, struggling to get their feet back under them after public and economic crises, and struggling with a broken student loan system," said Sen. Patty Murray. The Democrats had urged President Joe Biden to extend the moratorium through the end of the year due to continuous economic upheaval.
Go to Fox 11 for more info.