- The deadline for
student loan forbearance was extended until the end of January 2021, Education Sec.Betsy DeVos announced Friday. - More than 40 million student loan borrowers in the US were not expected to make payments on their federal student loans as part of the CARES Act package passed by Congress earlier this year as the pandemic posed financial insecurity for many Americans.
- The extension on student loan forbearance opens up the opportunity for President-elect
Joe Biden to act on the policy after he is inaugurated on January 20, whether it be to extend or terminate the program or forgive student loans altogether.
If you have student loans, you just got an extra month of reprieve.
Education Sec. Betsy DeVos announced Friday that the period for federal student loan forbearance will be extended until the end of January 2021 in response to the ongoing
More than 40 million student loan borrowers in the US were not expected to make payments to federal students loans as part of the CARES package passed by Congress earlier this year as the pandemic posed financial insecurity for many Americans.
The forbearance period was set to last through September of this year, but President
"The coronavirus pandemic has presented challenges for many students and borrowers, and this temporary pause in payments will help those who have been impacted," DeVos said in a statement.
"The added time also allows Congress to do its job and determine what measures it believes are necessary and appropriate," she continued. "The Congress, not the Executive Branch, is in charge of student loan policy."
The extension on student loan forbearance opens up the opportunity for President-elect Joe Biden to act on the policy after he is inaugurated on January 20, whether it be to extend or terminate the program or forgive student loans altogether.
He previously introduced a proposal to forgive $10,000 of