When I got here into workplace, we have been dealing with plenty of unprecedented crises. Our financial system was creating solely 50,000 new jobs monthly, lower than 1 p.c of Americans have been absolutely vaccinated, many faculties have been closed, and Americans throughout the nation have been struggling to pay their payments and keep afloat. That is why, on my very first day as President, I directed the Department of Education to pause federal student loan repayments via September. In August, my Administration as soon as once more prolonged the pause, via January 31, 2022. That pause has given 41 million Americans badly-needed respiratory room throughout the financial upheaval attributable to the worldwide COVID-19 pandemic.
Now, whereas our jobs restoration is without doubt one of the strongest ever — with practically 6 million jobs added this yr, the fewest Americans submitting for unemployment in additional than 50 years, and total unemployment at 4.2 p.c — we all know that hundreds of thousands of student loan debtors are nonetheless dealing with the impacts of the pandemic and want some extra time earlier than resuming funds. This is a matter Vice President Harris has been carefully centered on, and one we each care deeply about.
Given these issues, at the moment my Administration is extending the pause on federal student loan repayments for a further 90 days — via May 1, 2022 — as we handle the continuing pandemic and additional strengthen our financial restoration. Meanwhile, the Department of Education will proceed working with debtors to make sure they’ve the help they should transition easily again into compensation and advance financial stability for their very own households and for our nation.
As we’re taking this motion, I’m asking all student loan debtors to do their half as properly: take full benefit of the Department of Education’s sources that can assist you put together for funds to renew; have a look at choices to decrease your funds via income-based compensation plans; discover public service loan forgiveness; and be sure you are vaccinated and boosted when eligible.