Extend Payment Article For Free

Nov. 22, 2022: The COVID-19 emergency relief measures were extended. June 7, 2023: Congress passed a law preventing further extensions of the payment pause. Student loan interest will resume starting on Sept. 1, 2023, and payments will be due starting in October.

Part 1. Congress recently passed a law preventing further extensions of the payment pause. Student loan interest will resume starting on Sept. 1, 2023, and payments will be due starting in October. We will notify borrowers well before payments restart.

The push follows several failed attempts at student loan relief. The Biden administration on Tuesday launched an application for a new student loan repayment plan as part of its latest attempt to offer relief to borrowers as payments resume despite significant political hurdles.

Biden extends payment pause through June 2023.

The pause on student loan repayment is officially ending later this year, the Biden administration's education secretary said this week, confirming that borrowers should prepare to restart payments.

The Trump administration extended the payment pause until December 31, 2020, and then again until January 31, 2021. From the time he took office in January 2021 until the end of 2022, President Biden extended the payment pause six more times.

The Extended Repayment Plan allows you to repay your loans over an extended period of time. Payments are made for up to 25 years.

There are no more extensions for the student loan payment pause, but struggling federal loan borrowers may still qualify for ongoing forbearance or deferment or for income-driven repayment.

Freeing up more of your working capital is a key benefit of extending your payment terms. But beyond that, extending your payment terms can force you to answer some key questions about your business. This is a natural result of freeing up more of your working capital.

The Extended Repayment Plan allows you to repay your loans over an extended period of time. Payments are made for up to 25 years. Eligible Federal Loans.