The nonpayments during the forbearance period will still count as qualifying payments for student loan forgiveness programs, including Public Service Loan Forgiveness. On Dec. 4, DeVos announced forbearance had been extended through Jan. 31, 2021. © 2020 Forbes Media LLC. It’s too soon to tell whether any student loan relief will be included in the new stimulus. Broad loan forgiveness is, but student loan policy experts say not to bank on that happening quickly, if at all. Then you can redirect the money toward the required payments once they resume. ... it is likely that the forbearance will last until at least mid-2021. Betsy DeVos announced Friday. The deadline for student loan forbearance was extended until the end of January 2021, Education Sec. Biden goes in a different direction, with the president-elect recently saying he supports a loan … Your required payment now that you bring home $3,000 per month may be lower than the one when you earned $4,000 every four weeks. More than 40 million student loan borrowers in the US were not expected to make payments on their federal student loans as part of the CARES Act package passed by Congress earlier this year as … Originally, they had been deferred until the … Federal student loan payments are scheduled to resume on January 1, 2021. The federal loan forbearance has been extended to the end of March 2021 for the time being. In response to the ongoing coronavirus national emergency, the Department of Education extended the forbearance period for federal student loans through January 31, 2021. ALBANY, N.Y. (NEWS10) — The deferment on federal student loans has been extended to January 1, 2021. According to a class-action lawsuit, though, tax refund offsets and garnishments are allegedly still happening. If you consolidated your federal loans into one loan with one payment, your loans still operate by the rules of the automatic forbearance. This type of pause in payments is called an “administrative forbearance.” An administrative forbearance allows borrowers to defer payments without financial penalty. Biden goes in a different direction, with the president-elect recently saying he supports a loan … While you don’t want to count on an extension until it happens, you should monitor the Department of Education website for program changes. Although DeVos has extended the forbearance period until January, there’s no clear indication of what student loan relief is to come after this period of administrative forbearance is over. Are you sure you want to rest your choices? Your federal student loan payments are expected to resume in … One servicer may automatically resume payments. Back in August, Trump extended the forbearance until the end of 2020. She co-created the 30 Day Immune System Challenge at Others may need you to ask to request to resume payments. Earlier this month, Education Secretary Betsy DeVos extended that forbearance through […] Pandemic-related forbearance approved by Congress earlier this year originally was expected to end Sept. 30. Millions of student loan borrowers might be required to resume federal student loan payments on Feb. 1, 2021. Student loan borrowers with the Federal Family Education Loan (FFEL) Program or Federal Perkins loans not owned by the Education Department don’t have access to the automatic forbearance. You may be able to change your bank account information through your servicer’s online customer service portal. — Interest rates fell to historic lows. The federal loan forbearance has been extended to the end of March 2021 for the time being. Dec. 31, 2020: Federal student loan forbearance is set to end. More than 40 million student loan … If your mail or email is sent to an old address, you may not receive notification of when your next payment is due. On August 8 President Trump issued a memo ordering the Secretary of Education to extend the administrative forbearance of federal student loans through December 31, 2020.