Fast Facts for August 6, 2021
It’s not student loan forgiveness – but for about 41 million of you with a federally backed student loan — it’ll probably help.
The department of education just extended the student loan forbearance program and held the interest at zero until January 31, 2022. If you’ve been included in the forbearance program up until this point – you don’t have to do anything – the department of education says they will automatically extend your eligibility.
The program was set to expire on September 30th.
But!!! Understand this is *not* student loan forgiveness!!! You will still owe all of this money back when January rolls around. This also doesn’t apply to any private student loans you have. This is only for federally backed loans as described on the department of education website. If you have a question, you should call your loan servicer.
The department of education says this will be the last extension of the program.
I know you’re going to ask me about student loan forgiveness – and my answer is the same. At this point there is no real movement to get that legislation passed at this time. Congress is focused on several other key items.
Read the department of education announcement here.
