President Biden announced Wednesday that federal student loan repayments would be paused through Aug. 31, extending the moratorium that had been set to expire next month.“We are still recovering from the [COVID-19] pandemic and the unprecedented economic disruption it caused,” Biden said in a statement. “If loan payments were to resume on schedule in May, analysis of recent data from the Federal Reserve suggests that millions of student loan borrowers would face significant economic hardship, and delinquencies and defaults could threaten Americans’ financial stability.”
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