Student Loan Freeze Extended Again – What Should You Do Now?
Use this time to re-evaluate your plan.
The Biden administration recently extended the student loan repayment freeze through August 31, 2022. Initially established in March 2020 at the outset of the Covid pandemic, the CARES Act suspends required payments and interest accrual on most federal student loans. Initially intended to last six months, the relief has been extended six times as pandemic struggles continue.
So where does this leave student loan borrowers? It gives you even more time to evaluate your current repayment plan and to assess whether it will still make sense for you once you must resume payments. It’s the perfect time to explore student loan refinancing, which could lower your monthly payments.
The Alumni Benefits ProgramSM can help with student loan refinancing with special rate discounts for alumni and their families.