The Biden administration previously extended this student loan relief from the Cares Act twice for one year. As a result, starting February 1, 2022, temporary student loan forbearance will end and regular student loan payments will resume. That said, if you have an economic hardship, you can still get forbearance or deferment for your federal student loans. It’s important, however, to understand the difference between student loan forbearance and student loan deferment. While both options enable you to postpone your student loan payments temporarily, they can impact your financial situation differently. If you are in student loan deferment, no interest will accrue to your student loan balance. If you are in forbearance, interest will accrue to your student loan balance. You can apply for student loan forbearance and student loan deferment through your student loan servicer.
