Student loan extension paused until next year

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WASHINGTON – The U.S. Department of Education announced today they are pausing the extension on student loan repayment, interest, and collections.

Borrowers now have until January 31, 2022 to start paying back their student loans, according to a release from the department.

And it might not end there. Democratic lawmakers, like Chuck Schumer and Elizabeth Warren, are calling to take it a step further and cancel student debt entirely.

Before this final extension was announced, the pause was expected to end in October with congress pausing student debt payments last March as part of a virus relief package and the Trump administration extended it twice.

The release says the department will begin letting borrowers know about this final extension in the coming days, and it will release information about how to plan for payments when the pause ends.  

Fox8.com will keep you updated as we know more.

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