Showing posts from December, 2021

COVID-19 Student Loan Relief Extended through May 2022

Last week, the U.S. Department of Education announced* a further extension of the COVID-19 emergency relief for student loan repayment, interest, and collections.  The pause was previously extended until January 31, 2022, but an additional 90 day extension was approved through May 1, 2022 . So what does this mean for you?  Eligible** loans have been granted the following relief measures:      - Suspension of loan payments          This suspension will help 41 million borrowers save $5 billion in student loan payments per month.  There is no fee for this, and your loan servicer will automatically implement the suspension.  There is nothing you need to do on your end!      - Temporary 0% interest rate          Your loans will not accrue (accumulate) any additional interest until May 2022.  Optional payments made during this time can allow you to pay off your loans faster, and lower the total cost of your loans over time.      - Stopped collections on defaulted loans          Throughout t