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🎓 Student Loan Relief Extended One Last Time

Borrowers have a few extra months before payments kick in
Since spring 2020, federal student loan borrowers have had the wonderful experience of not making their monthly payments, but instead using that extra dinero to buttress their savings accounts, help with rent or purchase their sourdough starter kits. 

That dalliance with joie de vivre was set to end on Sept. 30. Instead, the Biden administration extended the forbearance through January 2022, meaning most borrowers will have gone two years without making a payment. 

The Department of Education said this would be the last time, and they hope borrowers and servicers use these extra months to prepare for the machinery to get back into motion. Yet 2022, it should be mentioned, is an election year, so take the Departments' declarations of termination with a grain of salt. 

Nevertheless, borrowers should consider making room in their budget for what they’ll end up owing each month now, lest they be caught off guard when the sword of Damocles actually falls. Read all about the decision here. 

In this week for Kelly Anne Smith,
Taylor Tepper,
Investing & Retirement Analyst, Forbes Advisor
Forbes Advisor
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