(WASHINGTON) -- President Joe Biden on Wednesday announced another extension in the pause in federal student loan payments -- this time until Aug. 31.
This delay would be the sixth extension to the program in the two years of the pandemic and it comes less than a month before payments were scheduled to restart on May 1, potentially impacting millions of borrowers who have not been making payments.
"As I recognized in recently extending the COVID-19 national emergency, we are still recovering from the pandemic and the unprecedented economic disruption it caused. If loan payments were to resume on schedule in May, analysis of recent data from the Federal Reserve suggests that millions of student loan borrowers would face significant economic hardship, and delinquencies and defaults could threaten Americans’ financial stability," Biden said in a statement announcing the extension.
Congressional Democrats has pressured Biden to extend the pause -- and it will fall right before the midterm elections, ensuring that student loan debt will be raised in races around the country.
This is a developing story. Please check back for updates.