Biden’s administration may extend the interest waiver and payment pause for federal student loan borrowers.

CNBC was told Tuesday by a spokesperson for the U.S. Department of Education that “Since the first day of the Biden Administration,” they had been working hard to deliver meaningful relief to student loans borrowers.

The spokesman stated that the extension of the pause in federal student loan repayments was the first step. It will continue until January 31, 2022. “Later in the week we will announce whether or not to extend this pause.”

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Borrowers have the ability to pause their monthly bills and stop interest from accruing since March 2020. According to research, almost all borrowers accepted the relief.

The pause expires at the end next month.

But Democrats and supporters have been pressing President Joe Biden for more time to help the 42 million Americans who have student loans. Recent worries about the new variant of the omicron have made these discussions more pressing.

The outstanding student loan debt of the United States has reached $1.7 trillion. This is more than auto and credit card debt. A third of all borrowers default or are in arrears. Average monthly payments are around $400 per month.

According to a recent survey, 65% of student loan borrowers said that they were satisfied with their loans. around 90%They are not yet financially stable enough to make their regular payments.

This is important breaking news. Keep checking back for more updates.

Is it possible to restart student loan payments? If you’re willing to speak for a story, please email me at annie.nova@nbcuni.com