January 31, 2022 is the final end date for student loan relief
LINCOLN, Neb. (KLKN) – The final extension of student loan debt relief was announced by the US Department of Education (Department) on Friday. This means that student loan repayments, interest and collections are suspended until January 31, 2022.
The ministry hopes the extra time will allow borrowers to plan for resuming payments and reduce the risk of default and default after January. It also gives the Department more time to help borrowers get back on their feet and improve service on student loans.
“The payment break has been a lifeline that has allowed millions of Americans to focus on their families, health and finances instead of student loans during the national emergency,” the US secretary told Education, Miguel Cardona. “As our country’s economy continues to recover from a deep hole, this latest extension will give students and borrowers the time they need to plan for the restart and ensure a smooth return to repayment. The ministry’s priority is to support students and borrowers during this transition and to ensure that they have the resources they need to access affordable, high-quality higher education.
Borrowers will be notified of this final end date over the next few days and the Ministry will provide information and resources to help borrowers plan to restart payments.