(CNN) — If you pay student loans, you won’t be required to pay until the fall.
On Wednesday, President Joe Biden directed the Department of Education to extend the suspension of federal student loan payments and interest.
Borrowers will not have to make payments until October 1 at the earliest, extending the current pause on payments by another eight months.
When the economy began to shut down in response to the pandemic in March, Congress passed a sweeping relief bill that automatically suspended student loan payments and waived interest.
The benefit was originally set to expire in September, but was extended by the Trump administration until January 31.
Both the pause on payments and interest waiver is automatic, but only applies to federally held loans.
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