President Biden will issue an executive order asking the Education Department to extend pandemic relief for about 41 million federal student loan borrowers through Sept. 30.
In March 2020, borrowers were granted a reprieve on their loan payments — interest was set to 0% and collections of defaulted federal student loans were paused. Congress initiated this relief in the CARES Act. Both President Donald Trump and, later, Education Secretary Betsy DeVos, extended it.
Before Biden's executive order, expected later today, the relief was set to expire on Jan. 31.