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Biden administration extends pause on student loan payments

3 weeks 3 days 6 hours ago Sunday, January 31 2021 Jan 31, 2021 January 31, 2021 12:31 PM January 31, 2021 in News

Throughout the pandemic student loan interest and penalties were put on hold until Jan. 31, due to the economic crisis many Americans faced. 

In a news release President Biden asked the Acting Secretary of Education to extend the pause on federal student loan payments and collections and keep the interest rate at 0%. 

Following the president's request the Education Department said it would extend the pause until Sept. 30. 

Financial Aid Assistant Director at the University of Texas Rio Grande Valley Jose Sanchez said the extension is a big relief for more than half of the university's populations already relying on some form of payment assistance. 

"Roughly about 58% of our students actually have some sort of student loan debt here at the university," Sanchez said. 

Watch the video for the full story. 

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