IN Biden On Friday, the administration announced that it will extend the pause in paying federal student loans, interest and fees until January 31, 2022.
The moratorium expired at the end of September.
“The pause in payments has become a lifeline, allowing millions of Americans to focus on their families, health and finances instead of student loans during a national emergency,” Education Secretary Miguel Cardona said in a statement. “As our country’s economy continues to recover from a major pitfall, this final extension will give students and borrowers the time they need to plan for a restart and ensure a smooth return to repayment. A top priority for the Department is to support students and borrowers during this transition and ensure that they have the resources they need to access affordable, high-quality higher education. ”
The administration said that this will be the last extension of the benefit.