Alert: Extension on Federal Student Loan Payment Relief

By: Stacey Nickens

If you’re responsible for a federal student loan payment, you may take a sigh of relief at the following news. The CARES Act halted federal student loan payments, and a recent executive memorandum extended this relief until December 31, 2020. According to this memorandum, the Department of Education should “continue the temporary cessation of payments and the waiver of all interest on student loans held by the Department of Education.” The memorandum thus also extends the 0% interest on Direct Loans, FFEL Program loans, and Perkins Loans. If you have additional questions, feel free to reach out.

Sources: marketing.pro, whitehouse.gov