Federal student loan repayment suspension and 0% interest rate, have been extended through at least Sept. 30, 2021
Participants:
Your current federal student loan flexibilities have been extended. The current 0% student loan interest rate and suspension of payments on federal student loans owned by the Department of Education (ED) will now continue through at least Sept. 30, 2021.
Visit StudentAid.gov/coronavirus regularly for the latest information about these flexibilities and when they are scheduled to end.
Here’s what this means:
| • | You aren’t required to make monthly payments on ED-owned student loans until after Sept. 30, 2021, and no interest will accumulate. |
| • | Payments you would have made, but are not currently required to make, will count toward income-driven repayment plan loan forgiveness. |
| • | If you have a Direct Loan and work full-time for a qualifying employer during the suspension of payments, then you will receive credit toward Public Service Loan Forgiveness (PSLF) or Temporary Expanded Public Service Loan Forgiveness for the period of suspension as though you made on-time monthly payments in the correct amount while on a qualifying repayment plan. |
| To see these qualifying payments reflected in your account, you must submit a PSLF form certifying your employment for the same period of time as the suspension. We officially update your count of qualifying payments toward PSLF only when you update your employment certifications. | |
| • | If you can make payments on your federal student loans while your loans are at the 0% interest rate, the full amount of your payments will be applied to principal once all the interest that accrued prior to the 0% interest period is paid. If you are already making voluntary payments, nothing changes. If you want to make voluntary payments, contact your federal loan servicer. |
NOTE: You do not have to pay to get 0% interest or suspended payments for your student loans. Some companies may charge a fee to give you repayment help for federal student loans during the COVID-19 emergency. These companies are not affiliated with or endorsed by the U.S. Department of Education (ED). For more details visit StudentAid.gov/coronavirus
The data talked about in the report are a number of the very best out there Marianne Brad Yasmine
I’m so happy to hear about the suspension of my student loan until September. Here’s hoping we’ll get some more good news from the new administration by getting a portion completely written off.
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