WASHINGTON (WREX) – If you are paying student loans, you will not be required until January 2022.
On Friday, the Department of Education extended the suspension of payments of federal student loans and interest until January 21, 2022.
The Department believes that this additional time and final end date will enable borrowers to plan for repayments and reduce the risk of late payments and defaults after a restart.
“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,” said US Education Secretary Miguel Cardona. “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. ”
Student loan payments were initially suspended last year shortly after the outbreak of the coronavirus pandemic. President Biden then extended the suspension of student loan payments until October 1, 2021. Earlier this year…
The Department will begin notifying borrowers of this final renewal in the coming days, as well as providing resources and information on how to schedule renewal of payments as the pause draws near.