Tara Siegel Bernard, The New York Times

The Student Loan Payment Restart Was Delayed. Here’s What to Do.

The Biden Administration has extended the timeout to May 1, so almost 27 million borrowers with federal student loans will no longer be expected to restart their payments in February. If you’re anxious about making payments again, you have plenty of options- and now is the time to thoroughly evaluate them. Here’s what you need to know about the restart and the payment plans that might help you.

U.S. Department of Education

Biden-Harris Administration Extends Student Loan Pause Through May 1, 2022

The U.S. Department of Education announced a 90-day extension of the pause on student loan repayment, interest, and collections through May 1, 2022. The extension will allow the Administration to assess the impacts of the Omicron variant on student borrowers and provide additional time for borrowers to plan for the resumption of payments and reduce the risk of delinquency and defaults after restart.

Photo of Karen Tongson for CNBC

Annie Nova, CNBC

Her student loans were forgiven. Then the Education Department refunded her $20,000 for years of overpayment

Karen Tongson never imagined a moment when she wouldn’t be paying back her student loans.As a professor at the University of Southern California, the Los Angeles resident qualified for PSLF but had heard too many stories of borrowers not getting the government’s promise of debt cancellation to believe she ever would. Last month, after years of waiting, Tongson found that her student loan balance had dropped to $0.

State of California Department of Justice

Biden Administration’s Sweeping Overhaul of Public Service Loan Forgiveness Program Achieves Goals of Lawsuit

California Attorney General announced that the Biden Administration’s actions to mend the Public Service Loan Forgiveness (PSLF) and Temporary Expanded Public Service Loan Forgiveness (TEPSLF) programs have achieved the goals of litigation filed by the California Department of Justice (DOJ) in June 2020 and warrant dismissal of the lawsuit. The lawsuit sought to compel the U.S. Department of Education (ED) to comply with implementation requirements for the TEPSLF program after nearly all of the public servants who applied for student loan forgiveness had their applications denied.

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