On January 21, 2021 President Biden directed the Education Department to pause payments and interest on all federally-held student loans until September 30, 2021. Read more about it here.
This blog was originally posted on Military.com on December 9, 2020.
Act Now So You Don’t Fall Off the Student Loan Cliff on February 1st
By Mike Saunders
The suspension of payments and interest accumulation on most kinds of federal student loans, in effect since March, has been extended through January and is scheduled to end February 1, 2021. Don’t get caught off guard.
There is a high likelihood that President-elect Joe Biden will continue that suspension while the COVID-19 pandemic is still upending American life, but no one can predict the future. The reality is that active duty service members, their families, veterans and survivors who hold federal student loans should be ready to resume their payments in February, and definitely at some point in 2021.
Click here to read the complete blog post.
Mike Saunders is Director of Military and Consumer Policy at Veterans Education Success.