President Joe Biden plans to extend the moratorium on federal student loan payments through Aug. 31, the Associated Press reported, citing a federal official. For tens of millions of Americans, student debt limbo will continue another three months. The move will mark the fifth extension since the pause took effect in March 2020. This time, inflation is climbing and gas prices are soaring in connection to Russia’s invasion of Ukraine. All the while, the nation’s $1.7 trillion student loan debt portfolio continues to grow, with no firm direction for the indebted. The freeze saves 41 million borrowers about $5 billion a month, the Education Department has said previously. Though borrowers likely will appreciate the extra wiggle room, both conservative and liberal politicians are expected to pan the administration’s actions. To read more about Biden's plans for student loans, tap the link in our bio. #biden #congress #studentloandebt #studentloans