It was announced that the final expiration of the coronavirus emergency relief benefits for borrowers with federal student loans, the CARES Act, will be January 31, 2022.
The relief bill was signed into law on March 27, 2020 to help most federal student loan borrowers by temporarily pausing payments and involuntary collections on federally held student loans, giving borrowers some much needed breathing room for those struggling with payments due to the pandemic.
You have a few opportunities to take advantage of this final extension:
- Get ahead of your debt - If you're a federal borrower, you still have several months of debt relief before having to resume your monthly payments in February 2022. If you can afford it, take advantage of this chance to reduce your student loan principal while the interest rate remains at zero percent.
- Prepare now for student loan repayments in February 2022
- Refinance any private student loans - rates are at an all-time low
If you need assistance with the refinancing of any private student loans, our partners at LendKey can help.
LendKey offers great rates and unmatched service and is the leading free platform for student loan refinancing. The application process is 100% online and LendKey is always your point of contact if you have questions. Check your rate today!