ELMIRA, N.Y. (WETM) – Officials have suspended federal student loan payments through January 31st.
Education secretary Betsy DeVos announced the extension on Friday.
This means interest rates on the loans will stay at zero percent and borrowers will not be expected to make payments through the end of January.
DeVos cited the ongoing coronavirus pandemic as a reason for the temporary extension.
the forbearance period was set to expire at the end of this month.
In her statement, DeVos said “The added time also allows congress to do its job and determine what measures it believes are necessary and appropriate. The congress, not the executive branch, is in charge of student loan policy.”