Pause on student loan payments is extended through May 1

Authored by cbs3duluth.com and submitted by TracyPearsonpp
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WASHINGTON (AP) -- The Biden administration is extending a student loan moratorium that has allowed millions of Americans to put off debt payments during the pandemic.

Under the action Wednesday, payments on federal student loans will remain paused through May 1.

Interest rates will remain at 0% during that period, and debt collection efforts will be suspended.

Those measures have been in place since early in the pandemic but were set to expire Jan. 31.

This is the second extension from the administration.

President Joe Biden says the administration understands that borrowers are still coping with the impact of the pandemic.

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FogCity-Iside415 on December 22nd, 2021 at 18:56 UTC »

FYI, recently paid mine off and at the time the collector said(via website) I owed $2K in collection fees (defaulted). When I called to pay they informed me that the loan was being recalled to the Fed, then upon speaking to the Gov I only paid principal/interest.

Good Luck to all!!!

DiamondBurInTheRough on December 22nd, 2021 at 18:05 UTC »

Snickering at all the emails I was getting from my loan provider saying “loan repayment has been delayed for the last time so make sure your payment info is updated”

Guess I didn’t need to do that yet!

MintBerryCrunchJr on December 22nd, 2021 at 18:02 UTC »

*Unless you refinanced your loans in which case you're still fucked.