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On August 24, 2022, President Biden along with Vice President Harris and The Department of Education announced a program to assist student loan borrowers in the short term and long term.
Student Loan Repayment Pause
The Administration will extend the pause of repayment of student loans for the final time through December 31, 2022, with payments resuming in January 2023. You do not need to do anything for the pause to take place; your student loan service provider should do this automatically.
Student Loan Debt Relief
Proposed Changes to Student Debt
Also being proposed for student debt are repayment rules based on income, which have long existed within The U.S. Department of Education.
As with any new program changes, deadlines and updates will occur. At DWG we recommend you sign up for updates on this program and check to see what type of student loans you or loved ones used while attending college.
If you have any questions please do not hesitate to reach out!
Contact: Mark Minder, RFCⓇ, MBA
DWG (Darden Wealth Group) does not give tax or legal advice. This information is for informative purposes only and does not constitute advice. Please consult your financial advisor for information specific to your situation.