{"id":14537,"date":"2021-08-09T11:54:59","date_gmt":"2021-08-09T17:54:59","guid":{"rendered":"https:\/\/www.petersons.com\/blog\/?p=14537"},"modified":"2021-08-12T13:10:11","modified_gmt":"2021-08-12T19:10:11","slug":"student-loan-pause-final-extension-announced","status":"publish","type":"post","link":"https:\/\/www.petersons.com\/blog\/student-loan-pause-final-extension-announced\/","title":{"rendered":"Student Loan Pause Final Extension Announced"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The U.S. Department of Education (ED) announced an additional and final extension to the pause of student loan repayment until January 31, 2022. The measure gives borrowers additional time to plan <\/span><a href=\"https:\/\/studentaid.gov\/articles\/5-repayment-flexibilities\/\"><span style=\"font-weight: 400;\">repayments<\/span><\/a><span style=\"font-weight: 400;\"> as the U.S. economy moves to recover from the pandemic.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The extended pause, which also halts the accruing of interest and collection of defaulted federal student loans, is just one of several steps the ED is taking to ensure that higher education is more affordable for students, including:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The approval of loan discharges in borrower defense claims totaling $1.5 billion for 90,000 borrowers.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Assistance to nearly 30,000 small business owners carrying student loans as part of the Paycheck Protection Program.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Reintroducing $1.3 billion in loan cancellations for 41,000 borrowers who received a total and permanent disability discharge and protecting another 190,000 from potential loan reinstatement.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The previous loan repayment pause was due to expire on September 30, 2021.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Preparing for Repayment<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The Federal Student Aid office recommends taking the following steps to help you prepare for loan payments to resume:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ensure that your contact information is current and correct on your <\/span><a href=\"https:\/\/studentaid.gov\/fsa-id\/sign-in\/landing\"><span style=\"font-weight: 400;\">StudentAid.gov profile<\/span><\/a><span style=\"font-weight: 400;\"> and on your <\/span><a href=\"https:\/\/studentaid.gov\/manage-loans\/repayment\/servicers\"><span style=\"font-weight: 400;\">loan servicer\u2019s<\/span><\/a><span style=\"font-weight: 400;\"> website.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Explore <\/span><a href=\"https:\/\/studentaid.gov\/loan-simulator\/\"><span style=\"font-weight: 400;\">repayment options<\/span><\/a><span style=\"font-weight: 400;\"> that align with your student loan needs and goals.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Evaluate an <\/span><a href=\"https:\/\/studentaid.gov\/app\/ibrInstructions.action\"><span style=\"font-weight: 400;\">income-driven repayment<\/span><\/a><span style=\"font-weight: 400;\"> (IDR plan), which can reduce your monthly payment, depending on your annual income.<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">RELATED: <\/span><a href=\"https:\/\/www.petersons.com\/blog\/how-to-save-money-and-take-years-off-your-student-loan\/\"><span style=\"font-weight: 400;\">How to Save Money and Take Years Off Your Student Loan<\/span><\/a><\/p>\n<p><span style=\"font-weight: 400;\">For more information regarding forbearance for students and borrowers, visit the <\/span><a href=\"https:\/\/studentaid.gov\/announcements-events\/coronavirus\"><span style=\"font-weight: 400;\">Federal Student Aid website<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. Department of Education (ED) announced an additional and final extension to the pause of student loan repayment until January 31, 2022. The measure gives borrowers additional time to plan repayments as the U.S. economy moves to recover from the pandemic.\u00a0\u00a0 The extended pause, which also halts the accruing of interest and collection of<\/p>\n","protected":false},"author":36,"featured_media":14540,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[3922,3,20],"tags":[977,1108,90,5329,441,820,1387,1347,445],"class_list":{"0":"post-14537","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-adult-learner","8":"category-colleges","9":"category-scholarships","10":"tag-debt-burden","11":"tag-federal-student-aid","12":"tag-financial-aid","13":"tag-loan-payment-calculator","14":"tag-repayment","15":"tag-student-aid","16":"tag-student-debt","17":"tag-student-loan-debt","18":"tag-student-loans"},"better_featured_image":{"id":14540,"alt_text":"Student Loan Repayment Plan","caption":"Young woman analyzing bills while writing in diary. 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Beautiful female is using digital tablet at table. She is sitting on sofa at home.","created_timestamp":"1580493682","copyright":"","focal_length":"50","iso":"320","shutter_speed":"0.008","title":"Woman analyzing documents while sitting at home","orientation":"1","keywords":["working remote","working from home"]}},"post":14537,"source_url":"https:\/\/wp-media.petersons.com\/blog\/wp-content\/uploads\/2021\/08\/21053828\/iStock-1214479802.jpg"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Student Loan Pause Final Extension Announced | Loan Payment<\/title>\n<meta name=\"description\" content=\"The U.S. Education Department announced a final extension to the loan repayment pause. 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