Good news for borrowers! The CARES Act borrower benefits that were scheduled to end on December 31, 2020 has now been extended another month until January 31, 2021. This means that borrowers can save extra money that otherwise would have been used to pay down their student loans during this time. See Dept of Education press release.
The extension through January 31, 2021 includes:
- Federal student loan administrative forbearance period
- Pause in interest accrual
- Suspension of collections activity
Non-payment during this time will continue to count toward the number of payments required under:
- An income-driven repayment plan
- A loan rehabilitation agreement
- Public Service Loan Forgiveness program