WASHINGTON, D.C. (KNWA/KFTA) — The U.S. Department of Education announced a final extension of the pause on student loan repayment, interest, and collections until January 31, 2022.
According to a news release from the The White House, the department will continue to transition borrowers back into repayment by improving student loan servicing.
“The payment pause has been a lifeline that allowed millions of Americans to focus on their families, health, and finances instead of student loans during the national emergency,” said U.S. Secretary of Education Miguel Cardona. “As our nation’s economy continues to recover from a deep hole, this final extension will give students and borrowers the time they need to plan for restart and ensure a smooth pathway back to repayment. It is the Department’s priority to support students and borrowers during this transition and ensure they have the resources they need to access affordable, high quality higher education.”
The department will begin notifying borrowers about the extension in the coming days, and it will release resources and information about how to plan for payment restart as the end of the pause approaches.