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Will Biden Extend the CARES Act Forbearance for Student Loans?

Will Biden Extend the CARES Act Forbearance for Student Loans?

The CARES Act forbearance for student loans is set to expire on September 30, 2021. Will Biden extend the payment pause?

Written by Tina Heusel
Updated on August 6, 2021

• All federal student loans have been in forbearance with 0% since March 2021 due to the CARES Act.

• 1 in 4 Americans were delinquent or in default prior to the CARES Act and unemployment levels have not recovered to pre-pandemic levels.

• The Secretary of Education and over 120 consumer protection agencies are petitioning and predicting that the student loan forbearance will be extended to March 2022.

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Tags: CARES Act Student Loans Forbearance Biden covid expire extend prediction

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Student Loan Provisions of the CARES Act CARES Act or the COVID-19 Relief Bill gives more benefits than $0 payments and 0% interest for 6 months. You can use this time to extend lower payments and get loan forgiveness. CARES Act may negatively impact your ability to get a mortgage The CARES Act was passed at the beginning of the pandemic to provide relief for student loan borrowers by subsidizing interest payments and lowering monthly payments to $0 dollars a month. An unforeseen consequence, however, is that this is detrimental to student loan borrowers looking to take advantage of low interest rates and purchase a new home.

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Will Biden Extend the CARES Act Forbearance for Student Loans?

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