White House to extend pause on student loans; DeLorean unveils an electric concept car

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The Biden administration plans to freeze federal student loan payments until August 31, extending a moratorium that allowed millions of Americans to defer payments during the coronavirus pandemic, according to an administration official familiar with the matter. White House decision making.

Student loan repayments were due to resume on May 1 after being halted since the start of the pandemic. But following calls from Democrats in Congress, the White House plans to give borrowers additional time to prepare for payments.

The action applies to more than 43 million Americans who owe a combined $1.6 trillion in student debt held by the federal government, according to the latest data from the Department of Education.

Borrowers will not be asked to make payments until August 31 and interest rates are expected to remain at 0% during this time.

DeLorean will unveil an electric concept car this summer

DeLorean Motor Co. plans to unveil its new electric concept car Aug. 18 at the Pebble Beach Concours d’Elegance awards show, the company announced.

DeLorean said it will also announce the vehicle’s official name when it is revealed. The company released an image of the rear of the new vehicle on Monday showing clean horizontal lines for the taillights.

DeLorean is based in San Antonio under new ownership and a new name.

“We’re making an all-new, two-door, all-electric, gull-winged sports car,” DeLorean Motor Co. CEO Stephen Wynne said in an interview with The Detroit News in February. “More details to come.”

Wynne bought the rights to DeLorean Motor Co. several years ago and moved it to Humble, Texas as a service and restoration shop for the 6,500 DeLoreans still on the road.

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