The Biden administration announced on Wednesday, April 6 that it is again extending the moratorium on federal student loan payments, interest and collections, this time until Aug. 31. The U.S. Department of Education also unveiled a plan to reset the roughly seven million borrowers who are in default, using the pandemic pause to restore their accounts to good standing.
The Biden administration announced Wednesday that it is again extending the moratorium on federal student loan payments, interest and collections, this time until Aug. 31. The U.S. Department of Education also unveiled a plan to reset the roughly seven million borrowers who are in default, using the pandemic pause to restore their accounts to good standing.
Many Oakland University students and alumni have had their federal student loan payments suspended since March 2020 due to the COVID-19 pandemic.
Now, the federal government has again announced that its student loan 0% interest period and payment suspension program will continue through August 31, 2022.
“Currently enrolled student loan borrowers shouldn't be going into repayment until six months after they drop to less than half-time status, graduate, stop-out, or withdraw,” said Nancy A. Fetzer, interim director of Financial Aid. “However, it is important that both current OU students and alumni with student loans start seeking out their personalized plan information and prepare for the restart of their loan repayments.”
Connect with Federal Student via Facebook at https://www.facebook.com/FederalStudentAid/photos/4273564329391333
Still have questions? Contact OU's Student Financial Services department and ask for an adviser appointment to help navigate your concerns.
Link to recent NPR story on the extension announcement.
Original source can be found here.
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