The pause on federal student loan repayments will be extended through Aug. 31, administration officials said Tuesday.
President Biden is expected to make a formal announcement Wednesday.
Originally, the freeze was scheduled to expire on May 1.
Borrower balances have frozen for more than two years since March 2020. During this time, interest has stopped adding up and collections on defaulted debt have been on hold.
Since taking office, Biden has expanded student loan forgiveness for those who work in the public sector, those who were defrauded by for-profit colleges and borrowers who are now permanently disabled.
Officials said those initiatives have provided more than $17 billion in relief to borrowers.