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Student Loan Payment Suspension Extended through May 1, 2022: …
On December 22, 2021, President Biden directed the U.S. Department of Education to extend the coronavirus-related payment suspension and 0% interest rate on certain federal student loans for an additional 90 days. The payment suspension was due to expire at the end of January, but it is now extended to May 1, 2022.
Student Loan Payment Suspension: What the Extension …
Student Loan Payment Suspension: What the Extension Means for Borrowers The details on the extension, who benefits and what lies ahead Tuition at America’s public universities has nearly tripled …
FAQ student loan payment suspension
What does a student loan suspension mean for You?
Borrowers will have their payments automatically suspended without penalty or accrual of interest. Collection actions, wage garnishments, and Treasury offsets for defaulted federal student loans are also paused through January 31, 2022. Which Student Loans Does the Suspension Cover?
Are student loan payments suspended under the CARES Act?
Most federal student loan payments and interest have been suspended under the CARES Act since March 2020, which Congress passed in response to the Covid-19 pandemic.
What is the student loan pause?
The student loan pause has three main elements: a suspension of payments, a freeze on interest accrual, and a cessation of collections activities on defaulted federal student loans.
How does payment suspension affect my credit report?
Federal loan servicers were directed to report to credit reporting agencies as if regularly scheduled payments were occurring during the payment suspension period. Unless you chose to opt out of the payment suspension, servicers are reporting monthly payments of $0.
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