TUCSON, Ariz. (KGUN) — The Biden administration has extended a pause in federal student loan payments until August 31, 2022. It's the fourth time student loans have been deferred since the start of the pandemic.
More than 43 million Americans are estimated to owe $1.6 trillion in student debt held by the federal government, according to the latest data from the Education Department.
Of those borrowers, more than 7 million are estimated to have defaulted on their student loan payments, being late at least 270 days.
"Obviously we look at and access what the needs are for the people who are impacted by the payment of student loans as we make these assessments," White House Press Secretary Jen Psaki said.
Federal student loans have been deferred during Biden's entire time in office.
"It hasn't really impacted me a lot because right now," one UArizona student said. "I'm blessed to have my parents help me with my loans."
"I mean I think it's helpful for some students yeah," one UArizona student said.
Borrowers will not be asked to make payments until after Aug. 31, and interest rates are expected to remain at 0% during that period.
For more information about the student loan deferment, click here.
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Denelle Veselik is an anchor and investigative reporter for KGUN 9. It's been her dream to tell your stories for the past decade. She is extremely curious and wants to continue to use her storytelling for the greater good. Share your story ideas and important issues with Denelle by emailing denelle.veselik@kgun9.com or by connecting on Facebook, Instagram and X/Twitter.
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