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Pause on federal student loans ends December 31

COLORADO SPRINGS, Colo. (KRDO) - Thanks to the Cares Act, payments on federal student loans were paused back in March due to the pandemic.

There was also the stop on new interest rates for federal student loans.

The relief had expired on September 30, but through an executive order, President Trump extended the student loan relief through December 31.

The pause on payments is not to be confused with loan forgiveness. People who didn't pay their federal student loans will still have to pay the full amount back.

If you put off paying your loans, you should reach out to your loan provider to figure out your expected monthly payment and current student loan balance.

If you have a loan through a private provider, contact your provider to discuss payment options if you are struggling financially.

More repayment tips can be found here.

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Hanna Knutson

Hanna is the traffic reporter for Good Morning Colorado. Learn more about Hanna here.

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