​White House extends student loan repayment freeze through August

• It's the sixth time the loan repayment freeze has been extended since it began in March 2020.

What he's saying: "This continued pause will help Americans breathe a little easier as we recover and rebuild from the pandemic," Biden said in a video announcing the decision.

• "I know folks were hit hard by the pandemic and though we've come a long way in the last year we're still recovering from the economic crisis it caused."
• "That additional time will assist borrowers in achieving greater financial security and support the Department of Education’s efforts to continue improving student loan programs," Biden said in a statement.

The big picture: Nearly 37 million borrowers have saved about $195 billion from the moratorium through April 2022, according to a report released last month by the Federal Reserve Bank of New York.

• The same report also found that student loan borrowers who didn’t benefit from the extended moratorium had 33% higher rates of delinquency on other debt (excluding mortgages) than those who did, Axios' Nathan Bomey reports.

• The Biden administration in December extended its moratorium on student loan payments until May 1, citing the ongoing pandemic.

Go deeper: Return of student loan payments could spell trouble for borrowers

Editor's note: This article has been updated with more details on previous moratorium extensions.