Student loan payments suspended an additional month (Until the end of January 2021)

[calyx]

Article from Reuters  (amongst many)

“This temporary pause in payments will help those who have been impacted,” DeVos said in a statement. “The added time also allows Congress to do its job and determine what measures it believes are necessary and appropriate.”

In March, the Trump administration suspended interest and payments on federal student loans for 60 days. In August, the moratorium was extended until Dec. 31 and on Friday it was extended until Jan. 31. DeVos has also instructed employers to halt wage garnishment for borrowers with defaulted federal student loans.

I am fortunate enough to have not been economically impacted by the pandemic, but I have some major dental work and am hoping the suspension is continued with the incoming administration/congress/etc to give me a little breathing room.   Hopefully it comes with a continuance of the 0% rate, so I'll keep looking into that.

I hope it helps those folx here who are also "enjoying" the pause in payments.   

[calyx]

I am definitely hoping for an extension even further once the new administration is in, and would be ecstatic with any  of all of the forgiveness plans I've seen batted about in articles.

I did get confirmation from FedLoan that the 0% rate  is also continuing along until 1/31 with the forebearance, which is also good.

[calyx]

^ I'm laughing that after I posted I confirmed 0% with FedLoan, US Dept of Ed sent the email re: "extension of ... loan flexibilities" with the 0% & no payment due til after 1/31.

Thanks for your timely update, USDE.

[Adkins]

My bestie is a pharmacist, and she's been paying on her student loans like crazy. She says this 0% interest pause has allowed her to actually make a dent in them for a change. I hope they continue it until mid 2021, at the least. (Myself, I've got one student loan left to pay off.)

[calyx]

---

@Adkins wrote:

My bestie is a pharmacist, and she's been paying on her student loans like crazy. She says this 0% interest pause has allowed her to actually make a dent in them for a change. I hope they continue it until mid 2021, at the least. (Myself, I've got one student loan left to pay off.)

---

I *was* stockpiling my student loan payments so I could do a giant lump sum at the end of the 0% to maximize the principle payment and push out the next due date, but alas, something something dental work something new tires, so I'm hoping to be able to stockpile again.    My rates are already low and I'd paid them half off in 2019, so I'd like to get them (almost) paid off soon.