You’ll have a little extra time before you have to pay back student loans.
Sarah Tew/CNET
President Joe Biden’s administration extended its pause on student loan repayment, interest and collections until Jan. 31, 2022, the US Department of Education said Friday in a press release. The department called it a “final extension,” saying it “believes this additional time and a definitive end date will allow borrowers to plan for the resumption of payments and reduce the risk of delinquency and defaults after restart.”
The Education Department also said it’ll offer resources and information on how to plan for resuming payments.
“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,” US Secretary of Education Miguel Cardona said in a statement. “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.”
Former President Donald Trump first enacted the payment pause in March 2020 in response to COVID-19. The measure was then extended by Biden through September 2021.
On Tuesday, the CDC also announced a new 60-day eviction moratorium for counties “experiencing substantial and high levels of community transmission levels” of the coronavirus. The eviction moratorium was first announced in March 2020 and was aimed at helping people who’d lost a job due to lockdowns. It was initially slated to expire in July 2020, but was extended several times before finally expiring at the end of July 2021.