So, let’s take a look at how the student loan payment relief extension plays out in certain circumstances-as well as some other changes that have been made along the way. Navigating student loan repayment can be a total maze even in less insane times, but right now, it’s more confusing than ever. In fact, if you want to keep making payments (which you should if you can), you’ll need to call your loan servicer or go online to manually make a payment. That means you don’t have to sign up or do anything to keep having your payments or interest waived. Like the original piece of the CARES Act, all borrowers with federally owned student loans are automatically included in the extension. It also covers Federal Perkins Loans and Federal Family Education Loan (FFEL) Program loans if they aren’t commercially owned. This includes Direct Stafford Loans, Direct PLUS Loans for parents and graduate students, and Direct Consolidation Loans. Repayment of all federally owned student loans is still on pause, and the interest rate will remain at 0%. We know the most recent extension is a little confusing, and there’s a lot riding on what happens with Biden’s student loan debt relief plan. 3 What the Student Loan Payment Relief Extension Means for Your Student Loans But if there’s no decision by June 30, 2023, federal student loan payments will resume 60 days after-so, around September 2023. When will we get an answer? No one really knows. Ready to get rid of your student loans once and for all? Get our guide. Let’s take a look at the latest student loan relief extension and what it means for you. But as the pandemic continued and the economy had more ups and downs than a Ferris wheel, the CARES Act has been extended multiple times since then. The CARES Act was set to expire on September 30, 2020. The CARES Act itself doesn’t forgive student loans-it only offers temporary relief from student loan payments and interest. Just to be clear, the CARES Act is separate from President Biden’s recent student loan forgiveness plan (though the two have become more tangled than a pair of earphones in your pocket, as we’ll talk about in a minute).
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