Student loan payments, which were set to resume in January, won't happen after all for millions of Americans.

The Biden administration is extending a student loan moratorium that has allowed millions of Americans to put off debt payments during the pandemic.

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Under the action Wednesday, payments on federal student loans will remain paused through May 1. Interest rates will remain at 0% during that period, and debt collection efforts will be suspended.

Those measures have been in place since early in the pandemic but were set to expire Jan. 31. This is the second extension from the administration.

President Joe Biden says the administration understands that borrowers are still coping with the impact of the pandemic.

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