Education Secretary Betsy DeVos announced Friday that pandemic relief for about 41 million federal student loan borrowers will continue until Jan. 31.
“The coronavirus pandemic has presented challenges for many students and borrowers, and this temporary pause in payments will help those who have been impacted,” DeVos said in a statement. “The added time also allows Congress to do its job and determine what measures it believes are necessary and appropriate.”
Before DeVos’ latest action, the relief was set to expire on Dec. 31, just weeks before President-elect Joe Biden’s Jan. 20 inauguration, making many who study loan repayment nervous.
Scott Buchanan, executive director of the Student Loan Servicing Alliance, says, “The decision provides borrowers today a little bit more flexibility. It means that payment won’t have to resume for them. But we still have the question that remains of what happens after Jan. 31.”
Compliance & Ethics