WASHINGTON (WDVM) — Just days before the moratorium on federal student loan payments was set to expire, the pause was extended.
Student loan payments were due to start up again at the end of January. But, per the request of President Biden, the Department of Education extended the suspension of federal student loan payments through Sept. 30. The interest rate will also remain at 0%.
The Department of Education released a statement on Wednesday, saying, “Too many Americans are struggling to pay for basic necessities and to provide for their families.”
This decision seems to be a breath of fresh air for Americans in need of a financial break. But, some people also believe this is merely a step in the right direction and more needs to be done down the road.
“If it weren’t for them being put off, it literally would come down to [paying] student loans or [buying] groceries,” said Jordan Heustis, a spring 2020 graduate. “And I know it’s something that we chose to do, but to be successful and to do the things that some of us want to do, you need college. And we shouldn’t be in debt forever for it. No matter if there’s a pandemic or not.”
41 million Americans are currently benefitting from the pause in student loan payments due to the pandemic.