Biden Administration extends student loan debt relief to 2022
January 31, 2022 is the definitive end date of the student loan relief
LINCOLN, Neb. (KLKN) – The final extension on student loan debt relief has been announced the U.S. Department of Education (Department) on Friday. This means student loan repayments, interest and collections are on pause until January 31, 2022.
The Department hopes this additional time will allow borrowers to plan for the payments to resume and reduce the risk of defaults and delinquencies after January. This also gives the Department more time to help transition borrowers back into repayment and improving student loan servicing.
“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 U.S. 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 for 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”
Borrowers will be notified about this definitive end date over the next few days and the Department will give out information and resources to help borrowers plan for when payments restart.