It has been announced by the Department of Education that the temporary suspension on student loan repayments, interest accrual, and collections has been extended until May 1, 2022.
Payments and interest accrual were supposed to begin on Feb. 1, but the department cited a potential impact of COVID-19’s omicron variant on borrowers as the basis for the extension.
U.S. Secretary of Education Miguel Cardona stated, “This additional extension of the repayment pause will provide critical relief to borrowers who continue to face financial hardships as a result of the pandemic and will allow our administration to assess the impacts of Omicron on student borrowers.”
Cardona also stated that the agency will continue to provide borrowers with tools and support so that they can enroll into a repayment plan that is tailored to their specific financial situation, such as an income-driven repayment plan.
Borrowers are also encouraged to take advantage of the extra time to make sure their contact information is correct and to consider enrolling in electronic debit and income-driven repayment plans to help them transition to repayment smoothly. Logging on to StudentAid.gov is a perfect way to start a search for further information.
For further details, go to www.ed.gov.
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