College Loan Advice Loan Repayment Pause Extended… Again! Written by Stacey MacPhetreson November 23rd, 2022 My education finance background includes working in financial aid administration at Emerson College and Elms College. In addition, I spent more than a decade working in education finance at JPMorgan Chase, where I was responsible for managing loans for both federal and private loan portfolios. Prior to joining College Coach, I served as a consultant in financial aid for Mount Holyoke College. I hold a bachelor’s degree in political science from Marist College and a master’s degree in political communication and marketing from Emerson College. I'm a member of the Massachusetts Association of Student Financial Aid Administrators. Learn More About Stacey loan forgiveness, student loan repayment, student loans, Good news for federal student loan borrowers! Yesterday, the U.S. Department of Education (ED) announced an extension of the pause on student loan repayment, interest, and collections. This marks the 8th time the administrative forbearance has been extended since March 2020. The latest extension has been granted to allow time for the Supreme Court to review lower court orders that are preventing ED from providing debt relief to millions of federal student loan borrowers. According to the ED press release, federal student loan payments “will resume 60 days after the Department is permitted to implement the forgiveness program or the litigation is resolved.” If the program has not been implemented and the litigation has not been resolved by June 30, 2023, payments will resume 60 days after that. During the remaining months of the administrative forbearance: Loan payments are suspended on federally-held student loans; These loans will accrue no interest;And months of forbearance count towards the required payment counts for Public Service Loan Forgiveness and income-driven repayment cancellation.Watch this space for future information, updates, and loan guidance. Meet our team of college finance experts, former financial aid officers who know the ins and outs of college financing. Meet The Team Related Resources Read | Posted on April 11th, 2024 How Much College Debt is Too Much? Read | Posted on March 28th, 2024 What is a Federal Parent PLUS Loan? Read | Posted on February 6th, 2024 Is the SAVE Student Loan Repayment Plan Right for Me?
