President Biden Extends Student Loan Payment Freeze

President Biden will extend the freeze on student debt payments as one of his first executive actions after his inauguration. The Department of Education will be directed to continue the student debt payment suspension through September.“Extending the suspension of student loan payments translates to relief for millions of people suffering from the crisis,” said Jubilee USA Executive Director Eric LeCompte, whose organization pressed Congress and the Trump Administration on initial student debt relief actions.Forty-five million Americans holding student debt will benefit from Biden's executive order. Last spring, the CARES Act stimulus package suspended student debt payments until September of 2020, a measure the Trump White House extended twice but was due to expire on Thursday. "Suspending student debt payments is a necessary first step," stated LeCompte. "I'm grateful that President Biden already supports additional proposals for student debt cancellation."In addition to student loan payment relief, Biden will sign 14 additional executive actions during his first day in office.