Cleveland Reporter

The Department of Education recently announced a new one-time student loan cancellation based on income, as well as extending the payment and interest pause on federal student loans.

The August 24 announcement included the following steps to help borrowers transition back to regular payments as pandemic-related support expires:

1. Extension of the payment pause. No payments are due and no interest will be charged through December 31, 2022.
2. Targeted debt relief to low- and middle-income families.

Visit the one-time student loan debt relief page for more information.

Take These Steps Now

You may be wondering what you have to do to claim this relief. Here’s how to make sure you’re getting the latest information and updates as details are announced.

1. Update your contact information in your profile on both your loan servicer’s website and on StudentAid.gov.
2. Sign up to be notified when the process has officially opened at the Department of Education subscription page.
3. Make sure you know what you owe. Review your financial aid history and loan details on StudentAid.gov.

Watch out for increased scam attempts to take advantage of borrowers. Remember that you never have to pay to apply for or receive relief efforts from Federal Student Aid.

Original source can be found here.