On Dec. 22, 2021, the Department of Education announced that the current suspension on student loan payments and interest accrual has been extended through May 1. Payments and interest accrual were originally set to resume on Feb. 1.
The department highlighted the potential impact the omicron variant of COVID-19 could have on borrowers as the reason for extending this relief. Education Secretary Miguel Cardona, EdD, noted, “This additional extension of the repayment pause will provide critical relief to borrowers who continue to face financial hardships as a result of the pandemic and will allow our Administration to assess the impacts of Omicron on student borrowers.”
“As we prepare for the return to repayment in May, we will continue to provide tools and supports to borrowers so they can enter into the repayment plan that is responsive to their financial situation, such as an income-driven repayment plan,” Cardona added.