On Dec. 4, U.S. Secretary of Education Betsy DeVos extended federal student loan flexibilities.
Currently, the 0 percent interest rate, suspension of payments, and stopped payment collections on federal student loans owned by the Department of Education (ED) are set to continue through Jan. 31.
Check StudentAid.gov/coronavirus regularly for the latest information on these flexibilities and when they are scheduled to end.
What does this mean?
• You are not required to make payments on ED-owned student loans until after Jan. 31, 2021, and no interest will accumulate.
• Collection activities, such as Treasury offsets and wage garnishments, will not resume until after Jan. 31, 2021.
• If your loan is in the process of being rehabilitated, you will continue to receive payment credit for each month during the suspension period when you would have otherwise made a payment under the terms of your rehabilitation agreement.