The Biden Administration announced late last week that it will extend the pause on federal student loan payments through January 2022.
The US Department of Education announced the pause on repayment, interest and collections will now last until January 31, 2022. It was originally set to expire on September 30, 2021.
“The payment pause has been a lifeline that allowed millions of Americans to focus on their families, health and finances instead of student loans during the national emergency,” said US Secretary of Education Miguel Cardona. “As our nation’s economy continues to recover from a deep hole, this final extension will give students and borrowers the time they need to plan to restart and ensure a smooth pathway back to repayment. It is the Department’s priority to support students and borrowers during this transition and ensure they have the resources they need to access affordable, high quality higher education”.
The notification about the final extension will happen in the coming week, according to officials.
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