President Biden issued an executive order extending a pause on federal student loan payments.
The order will cover the vast majority of all federal student loans.
Under President Biden's direction, the pause will allow borrowers to defer payments without penalty and reset interest rates to zero.
According to HuffPost, the pause will be in effect through at least the end of September 2021.
A pause on payments initially went into effect in March 2020 due to the coronavirus pandemic.
