President Joe Biden extended the pause on federal student-loan repayments by another three months as the U.S. faces a fresh wave of Covid-19 cases from the omicron variant, removing a near-term threat to millions of Americans’ finances. The move on Wednesday takes the moratorium on payments, interest and collections through May 1. Biden had initially extended the pause through September after he took office and then stretched the end to Jan. 31. The president had faced pressure from Democratic lawmakers to provide an extension. “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,” Biden said in a statement. He urged students to take steps to “prepare for payments to resume,” including looking at lower payments, exploring loan forgiveness and getting vaccinated and boosted. Subscribe to our YouTube channel: https://bit.ly/2TwO8Gm Subscribe to our newest channel Quicktake Explained: https://bit.ly/3iERrup Bloomberg Quicktake brings you live global news and original shows spanning business, technology, politics and culture. Make sense of the stories changing your business and your world. To watch complete coverage on Bloomberg Quicktake 24/7, visit http://www.bloomberg.com/qt/live, or watch on Apple TV, Roku, Samsung Smart TV, Fire TV and Android TV on the Bloomberg app. Have a story to tell? Fill out this survey for a chance to have it featured on Bloomberg Quicktake: https://cor.us/surveys/27AF30 Connect with us on… YouTube: https://www.youtube.com/user/Bloomberg Breaking News on YouTube: https://www.youtube.com/c/BloombergQuickTakeNews Twitter: https://twitter.com/quicktake Facebook: https://www.facebook.com/quicktake Instagram: https://www.instagram.com/quicktake