To address the economic hardship millions of Americans with student debt are facing, the U.S. Department of Education, at President Biden’s request, announced that student loan borrowers will be given an additional nine months before they will need to start making monthly payments again.
Passed last March, the CARES Act provides the following relief measures to borrowers with student loans:
- Suspend loan payments
- Stop collection on defaulted loans
- Interest rates will be set to 0% for a period of 60 days
The previous pause was expected to expire on February 1, 2021, and will now be extended until September 30, 2021.
For more information regarding forbearance for students and borrowers, visit the Federal Student Aid website.