Student loans take up a huge part of a person’s life upon graduation and working.
Many Americans just work the monthly payment due into their monthly budgets.
After the pandemic hit, federal student loans were deferred under the CARES Act to help those financially struggling.
Related: Biden extends student loan payment moratorium through May 1, but warns transition to repayment coming soon
The CARES Act was signed into law under former President Donald Trump on March 27, 2020.
This placed a pause on student loan payments for almost two years.
Many graduated students have been anticipating the return of loan repayments.
They were supposed to restart payments Feb. 1, but now President Joe Biden has extended the reinstatement date.
Related: Refinance your student loans to save $5,000 as interest rates hit new lows
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When do payments on student loans begin again?
Originally, student loans were supposed to begin being paid on in Oct. 2021.
The Biden Administration then extended the reinstatement date to Jan. 31, 2021.
On Dec. 22, Biden announced that the repayment on student loans would be extended to May 1, 2022.
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In a statement released by the White House, Biden stated that extending the deadline would give students and the Department of Education time to prepare for the repayments restarting after two years.
This is an extra 3 months, or 90 days, for all involved to prepare for repaying federal student loans.
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