Biden issues executive action to extend federal student loan payment and interest deferrals.
One of President Joe Biden’s first actions in office Wednesday was to extend a moratorium on student loan payments and interest until at least Sept. 30, 2021.
It was set to expire Jan. 31, 2021. Biden requested the student loan moratorium extension from the U.S. Department of Education as part of 17 executive actions issued Wednesday, according to CBS News.
Student loan payment relief started in March 2020 under an order from the White House, and it was first extended in the Coronavirus Aid, Relief, and Economic Security (CARES) Act through Sept. 30, 2020, ACA International previously reported.
While the moratoriums on student loans have been in place during the last year, borrowers continue to make payments and ACA’s members have hardship programs in place to help consumers and encourage them to reach out with questions on their loan payments, even during the forbearance period.
Biden also extended the federal eviction and foreclosure moratorium until at least March 31, according to CNN.
ACA is tracking cabinet announcements and federal regulator nominees from Biden in addition to his selection of Rohit Chopra as director of the Consumer Financial Protection Bureau.
ACA will continue to report on Biden’s actions and priorities and is rolling out its advocacy strategy to work with the Biden administration and federal and state legislatures. Members can read more on advocacy priorities here.