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Changes coming in 2022 for student loan debt

Students may be excited to hear that there will be some additional relief in 2022 regarding their student loan debt.

The pause on student loans in 2022 has been extended for another 90 days, bringing the new deadline to May 1, 2022.

This puts minds at ease who were concerned over the interest and collections surrounding student loans.


Related: Student loan deferment extended from Jan. 31, 2022 to May 1, 2022

The Department of Education will now have more time to see if and when the new COVID-19 variant has an impact on students similarly to past variants.

People also have more time to plan to repay their loans.

The Department of Education aims to make the transition from two years of not paying to regular payments easier.

Their plans are to improve issues within student loan servicing.


Related: Refinance your loans to save $5,000 as interest rates hit new lows

US Secretary of Education, Miguel Cardona, explained that the focus is and always has been supporting students through the pandemic.

Those who received hardships financially will now have a chance to catch a break.

Tools and services to support those with loans will continue to be provided before repayments begin.

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