Each week, we are sharing a financial wellness tip to help you make the connection between financial management decisions, your overall wellness, and student success. Money touches every aspect of our lives, and a lack of financial literacy can cause unnecessary stress and negatively impact one’s mental and physical health.
Federal Student Loan COVID-19 Emergency Relief Update
Announced on November, 22, 2022, the student loan payment pause
has been extended again until the U.S. Department of Education is permitted to implement President Biden’s debt relief program or the current legal challenges blocking the debt relief program
are resolved. If the debt relief program has not been implemented and the litigation has not been resolved by June 30, 2023 — payments will resume 60 days after that. If the debt relief program is initiated prior to June 30, 2023, loan payments will restart 60 days later, and borrowers will be notified by Department of Education. While the student loan payment pause is in effect, federal student loans accrue 0% interest, and borrowers who were in repayment have had their loans placed in administrative forbearance which means no payment is currently due. For additional information on the COVID-19 Emergency Relief and Federal Student loans, click here.
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