On August 6, President Biden announced the final extension of the moratorium on collecting student loans until January 31, 2022, which will “give the Department of Education and borrowers more time and more certainty as they prepare to restart student loan payments,” and will “ensure a smoother transition that minimizes loan defaults and delinquencies that hurt families and undermine our economic recovery.” In a statement issued by the Department of Education, Secretary of Education Miguel Cardona stated that it is the “Department’s priority to support students and borrowers during this transition and ensure they have the resources they need to access affordable, high quality higher education.” The moratorium was scheduled to expire on September 30.