As the legal challenges mount, putting the debt relief plan in jeopardy, and the payment pause deadline of Dec. 31 nears, the Biden administration extends the moratorium again. This time, until 60 days after June 30, 2023, or 60 days after the Supreme Court's dec...
How the Supreme Court's student loan relief ruling affects borrowers The Biden administration's flagship student loan relief plan has 8 million participants. Here's what they should know about the Supreme Court's decision. Aug 29, 2024
Student loan forbearance put into place due to COVID-19 will end on December 31 if lawmakers don't act. Here's how to prepare. (iStock) In late March, the Coronavirus Aid, Relief and Economic Security Act was signed into law. The CARES Act included different types of financial r...
To provide relief to student loan borrowers during the COVID-19 national emergency, federal student loan borrowers are automatically being placed in an administrative forbearance, which allows you to temporarily stop making your monthly loan payment. This suspension of payments will last until Sept. 3...
1 after more than three years of forbearance that began during the COVID-19 pandemic. The end of the payment pause comes after the Supreme Court struck down the Biden Administration's plan to forgive up to $20,000 for some of the 43 million Americans who borrowed to attend coll...
Student loan servicers are reportedly required to alert borrowers of payment resumption after Aug. 31. Federalstudent loan paymentswere paused and interest rates reduced to 0% in March 2020, when President Donald Trump signed the CARES Act in response to the COVID-19 pandemic. The student loan...
It's possible that coronavirus relief for federal student loans may continue after that date if another executive order is issued. But if it isn't, you should be prepared to resume making loan payments. What will happen if a borrower is late on their payment by a few days? The...
If you’re a parent who took out a federal student loan for your child and you’ve been taking advantage of the payment freeze as part of the COVID-19 emergency relief, then things are about to change. Starting January 31, 2022, payments will resume and
Survey data from May provided by Student Debt Crisis shows that among nearly 39,000 respondents, 33% of federal student loan borrowers were already struggling to afford their payments before COVID-19, and 46% expect to struggle in six months after federal relief that ...
The COVID-19-related student loan relief measure ended in September 2023. Payments resumed in October 2023. Qualifying for a Student Loan Deferment You can’t simply stop making payments on your student loans and declare yourself in deferment. You must qualify, which involves working with yourloa...