Biden extends moratorium on student loan repayments

US President Joe Biden on Wednesday extended a moratorium on student loan repayments for an additional three months, until May 1, 2022.

The move is expected to impact the student debt of some 41 million people.

"We know that millions of student loan borrowers are still coping with the impacts of the pandemic and need some more time before resuming payments," Biden said in a statement released by the White House.

"Given these considerations, today my Administration is extending the pause on federal student loan repayments for an additional 90 days — through May 1, 2022 — as we manage the ongoing pandemic and further strengthen our economic recovery," he said.

The move comes just days after hopes faded for Senate passage of Biden's massive social spending bill.

The president has been unable to muster a Senate majority for his $1.7 trillion "Build Back Better" plan that would address such issues as health care, education and climate change.

Upon taking office in January 2021, Biden directed the Department of Education to pause federal student loan repayments through September.

He later extended the pause until January 31, 2022.