The good news is that student loan relief will continue for an additional 90 days beyond January 31, 2022, when it was scheduled to expire. This is the same student loan relief that more than 40 million student loan borrowers have enjoyed since March 2020. This is Biden’s third extension of student loan forbearance after President Donald Trump made two extensions of the original student loan relief in the Cares Act, the $2.2 trillion stimulus package. The surprise extension means you have three more months to determine your best game plan for student loan repayment.
The spike in Covid cases from the Omicron variant, coupled with continued financial struggles for at least some student loan borrowers, were some factors that may have led the president to extend student loan relief. The bottom line: student loan relief is fluid. The Biden administration has continued to show a firm commitment to student loan borrowers — both in providing student loan relief and for cancelling $12.7 billion of student loans.