Student loan payment pause extended to August, per President Joe Biden

Photo of Dominic Genetti

Federal student loan borrowers won't have to scramble to resume their payments at the end of May. 

President Joe Biden extended the payment pause to August 31. It was set to expire May 31, but the President pushed the resume date toward the end of the summer. The payment pause came in March 2020 when President Donald Trump ceased payments and froze interest at the start of the COVID-19 pandemic. 

Currently the grand total in federal student loan debt is $1.7 trillion, and many members of Biden's Democratic party are pushing for forgiveness and-or cancelation, while Republicans are pushing for payments to resume. 

Well-known U.S. Congressman Adam Schiff is suggesting the President act sooner rather than later to get a percentage of debt forgiven.

Republican Senator Tom Cotton of Arkansas says differently.

The decision from Biden comes just a few days after a rally to cancel student loan debt took place at the Dwight D. Eisenhower Memorial in Washington, D.C. Monday. 

Read more: Pres. Biden could extend student loan payment freeze

“The Department of Education is committed to ensuring that student loan borrowers have a smooth transition back to repayment,” U.S. Secretary of Education Miguel Cardona said in a press release. "During the pause, we will continue our preparations to give borrowers a fresh start and to ensure that all borrowers have access to repayment plans that meet their financial situations and needs.”