Biden Suspends Student Loan Repayment, Keeps Interest Rate At 0%

January 21, 2021
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Joe Biden

Joe Biden

The President of the United States, Joe Biden has fulfilled a campaign promise just a day after taking office.

Biden has now requested an extension on the suspension of federal student loan payments through September 30.

This fulfils Biden’s pledge to give borrowers some breathing room as the economy struggles to find its footing.

In a statement issued by the Education Department on Wednesday, the acting secretary of education added that the agency would extend the pause on federal student loan payments and collections and keep the interest rate at zero per cent.

 It read, “Too many Americans are struggling to pay for necessities and to provide for their families. They should not be forced to choose between paying their student loans and putting food on the table.”

Biden’s request for the extension was part of a series of actions he took on his first day as president.

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