A 30-second read by the Baron Team: On April 6th, President Biden announced that the U.S. Department of Education was extending the pause on student loan payments until August 31st. The pause was previously scheduled to expire on May 1st.
According to Studentaid.gov, the pause includes the following assistance measures:
- A suspension of loan payments
- A 0% interest rate
- Stopped collections on defaulted loans
Federal student loan payments have been deferred since March 2020.
Please reach out to your Baron Team if you have any questions.
Disclosure: This is a general communication being provided for informational purposes only. This material is not intended to be relied upon as a forecast, research, tax or investment advice. Please consult your tax planning professional for personal tax advice.