Student Loans Payment Break Could Get Extended For Another 3 Months
Easily the biggest bill I have is the monthly payment I make for my student loan debt. Student loans will be the death of me. In fact, I accepted long ago that I'll probably be paying off my debt for the rest of my life but hey, whatever. According to CNBC, the average student loan bill is around $400 a month (relatable)! That's already hard to pay as it is, let alone in the middle of a pandemic and financial insecurity.
The U.S. Department of Education first declared in March that federal student loan borrowers could take a breath and pause their monthly payments until September. Of the 42 million Americans with federal student loans, around 90% of borrowers have taken advantage of this part of the stimulus package be choosing to pause their payments during the pandemic, data shows. In a recent Pew survey, "6 in 10 borrowers said it would be difficult for them to start making payments again in the coming month" which is why another extension is being considered.
There is now bipartisan support to extend the federal student loan payment break once again, this time until April 30th, 2021. After the initial stimulus, President Donald Trump signed an executive order in August that continued the interest-free reprieve until the end of December. Most recently, U.S. Department of Education Secretary Betsy DeVos said that payments don't have to resume until February. This additional break would provide an additional three month grace period.
Nothing has been officially decided yet. Personally, I wouldn't mind this extension lasting forever.
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