Biden Administration Extends Student Loan Repayment Freeze

(CBS DETROIT) - For those heading back to college, you won't need to pay those student loan payments just yet.

The Biden Administration is extending the pause on repayments, interest, and collection until January 31 of next year.

"The payment pause has been a lifeline that allowed millions of Americans to focus on their families, health, and finances instead of student loans during the national emergency," said U.S. Secretary of Education Miguel Cardona in a news release. "As our nation's economy continues to recover from a deep hole, this final extension will give students and borrowers the time they need to plan for a restart and ensure a smooth pathway back to repayment. It is the Department's priority to support students and borrowers during this transition and ensure they have the resources they need to access affordable, high quality higher education."

The Department of Education says this will be the final extension.

© 2021 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.