(Excerpts from CNBC News)

• Amid concerns about the new omicron variant of the Covid-19 virus, the Biden administration will extend the payment pause for federal student loan borrowers until May 1.
• “We know that millions of student loan borrowers are still coping with the impacts of the pandemic and need some more time before resuming payments,” President Joe Biden said in a statement on Wednesday.
• Recent polling of student loan borrowers found that even among those who are fully employed by now,89% are still not financially secure enough to restart payments.
• Outstanding student loan debt in the U.S. has surpassed $1.7 trillion and burdens Americans more than credit card and auto debt. Around a third of borrowers are in delinquency or default. The average monthly bill is around $400 a month.
• Elizabeth Warren, D-Mass., and Senate Majority Leader Chuck Schumer of New York applauded the president for granting borrowers more time but said they expect him to do more on debt relief.