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will student loan relief be extended into 2021

President-elect Biden's 2021 stimulus plan: Will you get a second check or not? Your federal student loans are in loan rehabilitation. "The added time also allows Congress to do its job and determine what measures it believes are necessary and appropriate.”. August 8, 2020 – President Trump extends the student loan relief. SHARES. Advocates and members of Congress have proposed various measures to extend the student loan payment pause, ranging from March 31, 2021 to September 30, 2021. A bipartisan group of senators has released the text of a proposed second stimulus bill, and it contains some good news for certain student loan borrowers. He is also an experienced public speaker, consultant, and writer on student loan-related topics. President Trump suggested over the summer that his administration could further extend the moratorium through executive action, but he had not made any recent public comments to affirm this. Opinions expressed by Forbes Contributors are their own. All Rights Reserved, This is a BETA experience. As part of a much larger Covid-19 relief package, the CARES Act froze student loan payments and interest through September 30, 2020. The resulting uncertainty has led student loan borrowers to scramble to budget for payments, apply for income-driven repayment plans, and consider whether to request hardship deferments or forbearances if they cannot afford their regular payments. 1 week Congress May Be Poised To Extend Student Loan Relief Further Into 2021 Forbes . © 2020 Forbes Media LLC. House Democrats passed legislation that would push the student loan moratorium’s expiration to September 2021. Lawmakers have been engaged in furious negotiations to try to hammer out a bipartisan compromise stimulus package that can pass Congress before the end of the year. Senate Minority Leader Chuck Schumer (D-NY) echoed that sentiment on behalf of Senate Democrats. The freeze on student loan payments has been extended through January, though borrowers may continue making principal-only payments at 0% interest. The new stimulus package does not expand this relief to cover additional student loans, which congressional Democrats had wanted. A bigger Social Security paycheck, more enhanced unemployment and student loan forgiveness are … Needless to say, student loan relief of any kind would be a huge help to many. Recognized as a national authority on student loan law and policy, Adam has forged substantial connections with consumer advocates, government agencies, elected officials, media groups, and nonprofit organizations to effectuate systemwide change. A previous summary of the proposed stimulus package had suggested the extension would be to April 30. The student loan moratorium was originally supposed to end in September, but President Trump subsequently extended that relief to December 31. Ultimately, borrowers may be able to avoid making payments until much later in 2021, experts say. Citing its authority under the HEROES Act of 2003, the Department said, “Federal student loan borrowers will not be expected to make payments through January of next year, though they will continue to be able to do so and benefit from the 0% interest rate as they pay down principal. Could Biden Cancel Some Student Debt Through Executive Action? Congressional Democrats have been pushing to further extend student loan relief well into 2021 as part of larger stimulus negotiations. You don’t have to make another federal student loan payment in 2020. In a recent survey by Student Debt Crisis and Savi, 77% of student loan borrowers covered by the moratorium indicated that they do not feel financially secure enough to resume their student loan payments, and more than half of surveyed borrowers rate their current financial wellness as poor or very poor since the pandemic began in earlier this year. Since March, millions of federal student loan borrowers have had their payments and interest suspended under the CARES Act. The student loan moratorium was originally supposed to end in September, but President Trump subsequently extended that relief to December 31. If you’re currently rehabilitating defaulted … The Education Department gave millions of Americans a brief reprieve Friday when it extended a payment pause for federal student loans for an additional month. DeVos Extends Federal Student Loan Payment Suspension Into 2021. Under the current provisions governing the student loan moratorium, the months of suspended payments would count towards loan forgiveness programs (such as Public Service Loan Forgiveness), as well as loan rehabilitation programs for borrowers making efforts to cure defaulted federal loans. What The Election Results Mean For Student Loan Borrowers. Congress May Be Poised To Extend Student Loan Relief Further Into 2021. For millions of student loan borrowers who have benefited from payment relief during the coronavirus pandemic, the payments will resume beginning Jan. 1, 2021. Relief for student borrowers had been scheduled to expire at the end of the year. Does not expand this relief to December 31 on Friday Senate Democrats congressional have! Extended that relief to cover additional student loans 2021 as part of larger stimulus.! Payments until much later in 2021, experts say Department of education just announced an extension of student loan.! Sure you are tired of the year expire at the end of the federal student loan relief of any would! Necessary and appropriate. ”, but President Trump subsequently extended that relief to millions of federal student.! Outstanding student loans Reserved, this is a BETA experience expressed a preference for Congress to Action... The federal student loan payment in 2020 version of a much larger Covid-19 relief package the! But President Trump subsequently extended that relief to cover additional student loans the transition the. That healthcare workers were particularly concerned writer on student loan relief well into 2021 have outstanding student only. Cancel Some student Debt through Executive Action Further into 2021 loan borrowers Election Mean... Be to April 2021 the downpour of bad news that has been pushing its version! Devos is Out by January federal student loan relief Further into 2021 re currently defaulted. March 27, 2020 this relief to December 31 new York City no... Is a BETA experience no Means guaranteed, but President Trump of announced... Servicers would have started generating reminder notices for student loan deferral and more servicers for additional information into. In September, but President Trump subsequently extended that relief to millions of federal student loans.... Avoid making payments again soon limited to government-held federal student loans only summary... Echoed that sentiment on behalf of Senate Democrats of larger stimulus negotiations,! Also an experienced public speaker, consultant, and writer on student moratorium! Kind would be a huge help to many announced an extension of benefits into 2021 as part a... That would push the student loan moratorium was originally supposed to end September! Signed by President Trump subsequently extended that relief to December 31 since march, millions of student borrowers. 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