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U.S.-BIDEN-NEW YORK STATE-EMERGENCY-SNOWFALL

Source: Xinhua News Agency / Getty

Good news for those with student loan debt.

To assist those having financial difficulties due to the Covid-19 outbreak, the Biden administration is extending the suspension of federal student loan payments. The suspension went into effect back in March 2020.

The extension comes while the student loan forgiveness program of the Biden administration is being held up in the courts. Before loan payments were scheduled to resume in January, officials had assured debtors that the debt forgiveness program would be put into place.

The payment suspension will last until 60 days following the conclusion of the litigation. According to the Department of Education, payments will begin 60 days after June 30 if the program has not been implemented and the legal dispute has not been addressed by then.

“It isn’t fair to ask tens of millions of borrowers eligible for relief to resume their student debt payments while the courts consider the lawsuit,” President Biden said in a video posted to Twitter.

The administration had previously declared that the most recent extension, which ran through December 31, would be the last.

Read the full story here.