Biden Extends Student Loan Payment Pause for 8 Million Borrowers

The Biden administration has extended the pause on federal student loan repayments for approximately 8 million borrowers enrolled in the Saving on a Valuable Education (SAVE) plan. This extension will last for at least six more months, providing temporary relief as legal battles over student loan forgiveness continue. The move is part of the administration's broader efforts to ease the financial burden on borrowers while long-term solutions are sought. The repayment freeze was initially set to expire but will now continue into early 2025.