FOR IMMEDIATE RELEASE
Contact: Erin Powers
Director of Marketing & Communications
WASHINGTON, DC, August 6, 2021 — The Department of Education (ED) on August 6 announced it will extend the pause on student loan payment and interest accrual past its September expiration date. Following weeks of pressure from top Democrats and advocacy organizations, the pause on payments will now be in place through January 31, 2022.
"With the effects of the pandemic ongoing, we welcome today’s announcement on delaying student loan repayment. We urge the Department of Education to begin the work to implement a smooth, efficient on-ramp to repayment now, without further delay. Transitioning millions of borrowers back into repayment cannot be done by simply flipping a switch, and may even require a phased implementation. Delays cannot continue indefinitely and we urge the secretary of education to use his authority under this national emergency to streamline repayment processes to the fullest extent possible, with the most beneficial terms and conditions as possible. We look forward to exploring ongoing solutions with our federal partners in the weeks ahead."
The National Association of Student Financial Aid Administrators (NASFAA) provides professional development for financial aid administrators; advocates for public policies that increase student access and success; serves as a forum on student financial aid issues; and is committed to diversity throughout all activities. NASFAA’s membership includes 22,000 student financial assistance professionals at approximately 3,000 colleges, universities, and career schools across the country. NASFAA member institutions serve nine out of every 10 undergraduates in the U.S.
Publication Date: 8/6/2021