Federal student loan payments are reportedly paused for the fifth time since March 2020.

On Tuesday, it was reported that President Joe Bien is planning on extending the moratorium on federal student loan payments, according to The Associated Press.

This would mark the fifth time student loan payments have been paused since March 2020 and could affect more than 43 million Americans, who combined owe $1.6 trillion in student loan debt, says the Education Department.

As of now, the payment pause is currently set to expire after May 1. But should the Biden administration follow suit on this expected extension, federal student loan payments wouldn't need to be made until after August 31. In addition, interest rates would remain at 0% should the extension occur.

There has been no official statement from the White House in regards to the pause on student loans.

What do you think of the possibility of student loan payments being pushed back, again? Share your thoughts with us in the comments below.

*This is a developing story and will be updated accordingly. Stay with OurCommunityNow.com for any updates!