On Dec. 22, 2021, the U.S. Department of Education extended the student loan payment pause through May 1, 2022. The pause includes the following relief measures for eligible loans:
- a suspension of loan payments
- a 0% interest rate
- stopped collections on defaulted loans
Here are three steps to make sure you’re prepared for student loan payments to resume:
- Update your contact information in your profile on your loan servicer’s website and in your StudentAid.gov profile.
- Check out Loan Simulator to find a repayment plan that meets your needs and goals or to decide whether to consolidate.
- Consider applying for an income-driven repayment (IDR) plan. An IDR plan can make your payments more affordable, depending on your income and family size.
Students who are enrolled at least half-time will be reported as enrolled for in-school deferment. Students who are enrolled less than half time or not enrolled will go into repayment. For the latest information, please visit studentaid.gov/announcements-events/covid-19.