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Added on the 18/01/2021 10:19:12 - Copyright : Wochit
President Biden issued an executive order extending a pause on federal student loan payments. The order will cover the vast majority of all federal student loans. Under President Biden's direction, the pause will allow borrowers to defer payments without penalty and reset interest rates to zero. According to HuffPost, the pause will be in effect through at least the end of September 2021. A pause on payments initially went into effect in March 2020 due to the coronavirus pandemic. It was extended in December and was scheduled to expire on Jan.31
Biden has extended federal student loan forbearance through September 30 by executive order. The forbearance was put in place by the CARES Act in March 2020. It has since been extended several times, according to Business Insider. Federal student loan payments will remain paused through September 30, with interest rates at 0%. This puts millions of Americans at ease as the economy continues to suffer due to the virus.
U.S. President Barack Obama attends an outdoor arrival ceremony in heavy rain, as the first sitting U.S. president to visit Laos. Rough Cut (no reporter narration).
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