• COVID-19 Resources
  • About
  • Subscribe
  • Promotions
  • Advertise
  • Contact Us
  • March 24, 2023

Milwaukee Courier Weekly Newspaper

"THE NEWSPAPER YOU CAN TRUST SINCE 1964"

  • News
  • Editorials
  • Education
  • Urban Business
  • Health
  • Religion
  • Upcoming Events
  • Classifieds

Biden-Harris Administration Extends Student Loan Pause Through May 1, 2022

December 25, 2021

On Dec. 22, 2021, the U.S. Department of Education announced a 90-day extension of the pause on student loan repayment, interest and collections through May 1, 2022. The extension will allow the administration to assess the impacts of the omicron variant on student borrowers and provide additional time for borrowers to plan for the resumption of payments and reduce the risk of delinquency and defaults after restart. The department will continue its work to transition borrowers smoothly back into repayment, including by improving student loan servicing.

“Since Day One of this administration, the department has focused on supporting students and borrowers throughout the pandemic and ensuring they have the resources they need to return to repayment successfully,” said U.S. Secretary of Education Miguel Cardona. “This additional extension of the repayment pause will provide critical relief to borrowers who continue to face financial hardships as a result of the pandemic, and will allow our administration to assess the impacts of omicron on student borrowers. As we prepare for the return to repayment in May, we will continue to provide tools and supports to borrowers so they can enter into the repayment plan that is responsive to their financial situation, such as an income-driven repayment plan. Students and borrowers will always be at the center of our work at the department, and we are committed to not only ensuring a smooth return to repayment, but also increasing accountability and stronger customer service from our loan servicers as borrowers prepare for repayment.”

The pause on student loan payments will help 41 million borrowers save $5 billion per month. Borrowers are encouraged to use the additional time to ensure their contact information is up to date and to consider enrolling in electronic debit and income-driven repayment plans to support a smooth transition to repayment. More information can be found at StudentAid.gov.

Today’s action is one of a series of steps the Biden-Harris Administration has taken to support students and borrowers, make higher education more affordable, and improve student loan servicing, including providing nearly $13 billion in targeted loan relief to over 640,000 borrowers. Actions within that include:

• Revamping the Public Service Loan Forgiveness program in October, which has already provided $2.4 billion in loan relief to 38,000 borrowers. As part of that effort, the department implemented a Limited PSLF Waiver to count all prior payments made by student borrowers toward PSLF, regardless of the loan program. Borrowers who are working in public service but have not yet applied for PSLF should do so before Oct. 31, 2022, and can find out more at StudentAid.gov/PSLF.
• Providing $7.0 billion in relief for 401,000 borrowers who have a total and permanent disability.
• Approving $1.5 billion in borrower defense claims, including extending full relief to approved claims and approving new types of claims.
• Providing $1.26 billion in closed school discharges to 107,000 borrowers who attended the now-defunct ITT Technical Institute.
• Helping 30,000 small business owners with student loans seeking help from the Paycheck Protection Program.

Share:

  • Facebook
  • Tweet
  • Email
  • Print

Popular Interests In This Article: Student Loan Debt, Student Loans, U.S. Department of Education

Read More - Related Articles

  • The Biden Administration is Proposing a More Manageable Student Loan Plan
  • Biden Administration Combats Against Debt Relief Scams
  • Biden Student Loan Relief Plan Benefits Borrowers in all Fifty States, Washington, D.C., and Puerto Rico
  • FACT SHEET: The Biden-Harris Administration’s Plan for Student Debt Relief Could Benefit Tens of Millions of Borrowers in All Fifty States
  • President Biden Announces Student Loan Forgiveness Plan

View COVID-19 Resources

Become Our Fan On Facebook
Find Us On Facebook


Follow Us On Twitter
Follow Us On Twitter

Editorials

Lena Taylor
Lakeshia Myers
Rev Jesse Jackson Sr Ashanti Hamilton

Journalists

Mrinal Gokhale
Dylan Deprey
Karen Stokes
Hayley Crandall
Ana Martinez-Ortiz

Topics

Health Care & Wellness
Climate Change
Upcoming Events
Obituaries
Milwaukee NAACP

Politicians

Pres. Barack Obama
Gwen Moore
Tom Barrett
Milele A. Coggs
Spencer Coggs

Classifieds

Job Openings
Bid Requests
Req Proposals
Req Quotations
Apts For Rent

Contact Us

Milwaukee Courier
2003 W. Capitol Dr.
Milwaukee, WI 53206
Ph: 414.449.4860
Fax: 414.906.5383

Copyright © 2023 · Courier Communications | View Privacy Policy | Site built and maintained by Farrell Marketing Technology LLC
We use third-party advertising companies to serve ads when you visit our website. These companies may use information (not including your name, address, email address, or telephone number) about your visits to this and other websites in order to provide advertisements about goods and services of interest to you. If you would like more information about this practice and to know your choices about not having this information used by these companies, click here.