Biden plans to increase the coed mortgage funds hiatus by October

President-elect Joe Biden speaks in New Castle, Delaware, in front of Major Joseph R. “Beau” Biden III’s National Guard / Reserve Center at New Castle Airport on January 19, 2021 before departing for Washington DC.

Jim Watson | AFP | Getty Images

President Joe Biden plans on Wednesday to extend the federal student loan payment hiatus through at least September 2021.

The executive order will be one of Biden’s first acts as president.

The US Department of Education announced in March that borrowers would not have to pay their student loan bills or worry about interest rates for 60 days. This relief was repeatedly extended but expired at the end of this month.

The ongoing payment pause and the accrued interest on federal debt further relieve 42 million borrowers.

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