WASHINGTON – U.S. Secretary of Education Betsy DeVos announced today the extension of the federal student loan administrative forbearance periodextension of the federal student loan administrative forbearance period In addition, loan interest rates will remain at 0%. On Friday, he stated that stimulus checks "may still be in play," and the Biden Emergency Action Plan, includes provisions for federal student loan borrowers to potentially get up to $10,000 of relief next year. I’ve been furloughed two-three days a week equating to up to 45% of my pay through October and I’m trying to get my finances in order to start paying up on my loans when the time comes. Maybe you have high-interest debt to pay off, or perhaps you want to use the extra cash to build up an emergency fund in a high-yield savings account like the Vio Bank High Yield Online Savings Account. ELMIRA, N.Y. (WETM) – Officials have suspended federal student loan payments through January 31st. If you’ve been financially impacted by the pandemic the temporary elimination of this obligation […] On Monday, Congress approved a second coronavirus relief package that includes $600 stimulus checks for many individuals — but no additional student loan forbearance for borrowers. Millions of student loan borrowers might be required to resume federal student loan payments on February 1st. In March, Congress passed the CARES Act, which provided federal student loan forbearance, waved interest, and stopped collections on defaulted loans through Sept. 30th. Contact: Press Office, (202) 401-1576, press@ed.gov. (a) In light of the national emergency declared on March 13, 2020, the Secretary of Education shall take action pursuant to … In the short-term, think about how you might spend the money you ordinarily use for your monthly loan payment if the freeze continues. CNBC Select may receive an affiliate commission when you click on the links for products from our partners. Earlier this month, Education Secretary Betsy DeVos extended that forbearance through […] On Aug. 21, Secretary DeVos fulfilled President Trump's Aug. 8 Memorandum on emergency federals student loan relief by extending the CARES Act borrower benefits until December 31, 2020. Then, earlier this month, Secretary of Education Betsy DeVos extended the deadline through January. Written by Kristen Ahlenius On August 8th President Trump extended the student loan administrative forbearance as a response to COVID-19 crisis. Upon President Trump's March 13, 2020, declaration of a national emergency resulting from the COVID-19 pandemic, Secretary DeVos immediately used her authority under the HEROES Act of 2003 to set all federal student loan interest rates to zero and automatically enter borrowers into administrative forbearance, allowing them to defer payments without financial penalty. Our mission is to promote student achievement and preparation for global competitiveness by fostering educational excellence and ensuring equal access. There are … But an extension of the temporary CARES Act student loan relief provisions could prove easier to garner bipartisan support, and could pave the way … The extension also applies to the current freeze on interest accrual and the suspension of collections activity, including wage garnishment against borrowers who defaulted on their federal student loans, according to a news release from the department. On December 4, U.S. Secretary of Education, Betsy DeVos announced that the student loan forbearance period would extend through January 2021. WASHINGTON – U.S. Secretary of Education Betsy DeVos announced today the extension of the federal student loan administrative forbearance period, the pause in interest accrual, and the suspension of collections activity through January 31, 2021. 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