WASHINGTON, D.C. – Today, the U.S. Department of Education announced its final extension of the federal student loan repayment forbearance, which includes the suspension of interest accrual and collections activity through January 2022. The previous deadline was September 30th, 2021.
Center for Responsible Lending (CRL) Federal Advocacy Director and Senior Counsel Ashley Harrington released the following statement:
The pandemic-induced economic crisis dealt a body blow to the personal finances of American families, especially for communities of color. The extension of the federal student loan payment freeze is desperately needed as people continue to struggle financially and many borrowers remain unable to make payments – through no fault of their own.
However, while we welcome this important step by the Department of Education to continue providing crucial relief to student loan borrowers and their families, more support will be needed.
The Administration should provide all necessary relief for student borrowers, including relief in the form of $50,000 in student debt cancellation per borrower. This will advance racial equity, boost the economy, and provide lawmakers with the opportunity to fix our broken student debt repayment system that routinely harms borrowers.
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