Borrowers given 90 additional days of relief.
President Biden has extended the federal student loan forbearance period until May 1, 2022, as the Omicron variant of the coronavirus spreads rapidly across the nation. This gives borrowers an additional 90 days during which payments are suspended and interest does not accrue.
“Now, while our jobs recovery is one of the strongest ever… we know that millions of student loan borrowers are still coping with the impacts of the pandemic and need some more time before resuming payments,” the president said last week.
Over the next several months, the Department of Education will “continue working with borrowers to ensure they have the support they need to transition smoothly back into repayment and advance economic stability for their own households and for our nation,” President Biden said.
As the Lord Leads, Pray with Us…
- For the president and his administration as they continue seeking to provide relief for those impacted by the pandemic.
- For those who are indebted to the government over student loans to find their smooth transition back into repayments.
- For Department of Education officials working with borrowers who need assistance with repayments.
Sources: The Hill, Fox News
