WASHINGTON, DC. – On a day that saw newly installed President Joe Biden overturn a number of Trump era orders, today, the President extended President Trump’s moratorium on student loan payments.
On March 20, 2020, The Trump Administration took action to provide immediate relief to tens of millions of student loan borrowers during the pandemic caused by COVID-19 by both suspending loan payments and temporarily setting interest rates to 0 percent.
“This relief has helped many students and parents retain financial stability. And many other Americans have continued to routinely pay down their student loan balances, to more quickly eliminate their loans in the long run. During this time, borrowers have been able to determine the best path forward for themselves,” Trump said when he renewed the order last August.
Today, in the spirit of the Trump administration, Biden decided to keep the Trump era moratorium in place.
“At the request of President Biden, the Acting Secretary of Education will extend the pause on federal student loan payments and collections and keep the interest rate at 0%. Too many Americans are struggling to pay for basic necessities and to provide for their families,” Biden said. “They should not be forced to choose between paying their student loans and putting food on the table.”
All persons who wish to continue making student loan payments shall be allowed to do so.