STUDENT LOAN FORBEARANCE WAS SET TO END ON JANUARY 31, 2022 !
On December 22, 2021 the US Department of Education announced a 90-day extension of the pause on Federal Student Loan repayment, interest, and collections through May 1, 2022. REMEMBER!! THIS IS ONLY FOR FEDERAL STUDENT LOANS!
Since March 2020, payments, interest, and collection efforts on Federal Student Loans have been suspended. The repayment deadline was extended several times.
President Biden stated, "We know that millions of student loan borrowers are still coping with the impacts of the pandemic and need some more time before resuming payments."
The pause includes the following relief measures for eligible loans:
A suspension of loan payments
A 0% Interest Rate
Stopped Collections on defaulted loans
Preparing for Repayment to Resume
Update your contact information
Review your Auto-Debit Enrollment
Find a repayment plan that meets your needs
Consider applying for Income Driven Repayment Plan.
WHAT ARE FEDERAL STUDENT LOANS
Also known as government loans, that allow students and parents/guardians to borrow money for college directly from the federal government.