TEXAS — The Biden administration recently announced federal student loan payments will remain paused through Aug. 31. The student loan pause extension is offering relief for millions of Americans.

Jeremy Impellizeri juggles two jobs, working dozens of hours each week, with one major goal.

"Trying to make sure that, you know, any student loans or any other loans, debt that I may have, doesn't prevent me from living," he said.

Impellizeri graduated with more than $200,000 worth of student loan debt and still has thousands to pay off.

"For me it was just like I gotta do what I got to do to get through college, and you're never really prepared for what comes after," Impellizeri said. "I'm probably going to lose about 20 years of my freedom in life."

The extension was made amid widespread concern that if payments restarted in May, a vast number of Americans wouldn't be able to afford it.

"During COVID, giving you that break and breath is super, super helpful and a lot off your shoulders," Impellizeri said. "Education is important to me and I think everyone should be educated, but I don't think everyone should spend the rest of their life paying for something."

According to the U.S. Department of Education, more than 43 million Americans owe a combined $1.6 trillion in student debt held by the federal government.

A&M-Central Texas assistant professor of economy Dr. Rob Tennant says the extension provides an important opportunity for borrowers. 

"If you're able to make some level of payment during the pause, I would encourage it," Tennant said. "Because you're doing so with dollars that go towards the principal as opposed to the principal and the interest, and that helps reduce how much debt you have when the payments start kicking in again."

Impellizeri looks forward to financial freedom.  

"I think this break has really helped provide me that like insight into what life could be like," Impellizeri said.