President Biden said Wednesday his administration will extend a moratorium on student loan payments due to the surging COVID-19 pandemic and its impact on the U.S. economy.

President Joe Biden: “Folks, our economic recovery is the strongest in the world. But I know that because of the pandemic, many borrowers need more time to resume payments. For that reason, my administration is extending the pause on student loans repayments for 90 more days, through May 1, 2022.”

Biden had been resisting demands by progressives to extend the payment freeze, which was set to end on February 1, amid heavy lobbying by the companies that manage federal student loans. On Twitter, Congressmember Alexandria Ocasio-Cortez applauded Biden’s change of course and added, “Next step: cancellation.”