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The Biden administration on Friday issued what it says will be the final extension to a student loan moratorium that has allowed millions of Americans to put off debt payments during the pandemic.

Under the action, payments on federal student loans will remain paused through Jan. 31, 2022. 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 Sept. 30.

In announcing the decision, President Joe Biden said the economy is recovering “at a record rate.” But he said the road to recovery will be longer for some Americans, especially those with student loans.

“This will give the Department of Education and borrowers more time and more certainty as they prepare to restart student loan payments,” Biden said in a statement. “It will also ensure a smoother transition that minimizes loan defaults and delinquencies that hurt families and undermine our economic recovery.”