The move could be a gamechanger for many teachers living paycheck to paycheck.
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Wednesday's announcement also includes a commitment to helping military service members and federal employees access the public service loan program's resources.
Senate Majority Leader Chuck Schumer is keeping the pressure on President Joe Biden to forgive $50,000 in federal student loan debt.
"Never in my wildest nightmares would I have seen something like this impact us so severely."
Millions of student loan borrowers received a welcome reprieve last month when President Joe Biden extended the suspension of payments and interest on federal student loans through September 30.
"What young people were saying was that we want the candidate to talk about canceling student debt."
President-elect Joe Biden will direct the Department of Education Wednesday to extend the suspension of federal student loan payments and interest.