President Joe Biden announced Wednesday (December 22) that the pause on student loan repayments will be extended for an additional 90 days.
The president's announcement comes just weeks before student loan borrowers were set to start paying back their loans following a COVID-19 pandemic-imposed pause.
In his remarks on student loans, Biden cited the continuing economic fallout of the pandemic from which millions are still recovering.
"Now, while our jobs recovery is one of the strongest ever — with nearly 6 million jobs added this year, the fewest Americans filing for unemployment in more than 50 years, and overall unemployment at 4.2 percent — we know that millions of student loan borrowers are still coping with the impacts of the pandemic and need some more time before resuming payments," Biden said.
"Given these considerations, today my Administration is extending the pause on federal student loan repayments for an additional 90 days — through May 1, 2022 — as we manage the ongoing pandemic and further strengthen our economic recovery," the president added, noting Vice President Kamala Harris' involvement on the issue.
Federal lawmakers have called on Biden to cancel debt for borrowers up to $50,000 each to ease Americans' financial situations. The move, data has shown would bolster Black wealth by 40%.
Black student loan borrowers disproportionately carry higher amounts of debt, research shows. One study found that Black women carry upwards of 22% more in student loan debt than white women.