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President Joe Biden on Wednesday, April 6, announced a pause on federal student loan repayments – extending the break in payments through August 31.

Originally, the freeze was scheduled to expire May 1.

Borrower balances have frozen for more than two years since March 2020. During this time, interest has stopped adding up and collections on defaulted debt have been on hold.

Since taking office, Biden has expanded student loan forgiveness who work in the public sector, those who were defrauded by for-profit colleges and borrowers who are now permanently disabled.

Officials said those initi...