WASHINGTON – IN The U.S. Department of Education announced on Friday the final extension of the pause in the payment of student loans until January 31, 2022.
“The Department believes that this additional time and final end date will allow borrowers to plan for repayments and reduce the risk of late payments and defaults after the restart,” the department said in a press release.
“The pause in payments was a lifeline, allowing millions of Americans to focus on their families, health and finances instead of student loans during a national emergency,” said US Education Secretary Miguel Cardona. “As our nation’s economy continues to recover from a major pitfall, this latest extension will give students and borrowers the time they need to plan for a restart and provide a smooth return path to repayment. The Department’s top priority is to support students and borrowers during this transition period and provide them with the resources they need to access affordable, high-quality higher education. ”
FILE – Miguel Cardona speaks after President-elect Joe Biden announced his candidacy for Secretary of Education at the Queen Theater on December 23, 2020 in Wilmington, Delaware.
The previous pause in student loan payments expired in October.