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What We Do Student Loan Repayment During COVID

Student Loan Repayment During COVID

Information & Resources for Borrowers During COVID

The payment suspension on federal student loans owned by the Department of Education has been extended through August 31, 2022.

The federal student loan payment pause covers tens of millions of borrowers. Unfortunately millions more with private student loans and federal loans owned by private companies are left without relief. The SBPC will continue to advocate for meaningful relief for all borrowers. As announcements are made, we will continue to update this page to ensure all borrowers have timely and accurate information.

Frequently Asked Questions on Student Loan
Repayment Options During COVID-19

Q: How will the payment suspension on federal student loans owned by the Department of Education affect my student loans?

In April 2022, President Biden re-extended the payment suspension on federal loans owned by the Department of Education through August 31, 2022.

The protections offered under the payment pause extension only apply to federal loans owned by the Department of Education (i.e., Direct Loans and ED-held FFELP Loans).

Commercially held FFELP loans, Perkins loans, and private student loans are not covered under the law. These loans have had payments due since March of 2020.

If you have federal student loans owned by the Department of Education, you will receive the following protections through August 31, 2022:

  • All payments will be suspended on covered federal student loans. Your student loan servicer will automatically suspend all payments due. You are NOT required to take any action to have the payment suspension applied to your loans.
  • Borrowers will continue to receive credit towards loan forgiveness. During the payment suspension, you will continue to receive payment count credit toward Public Service Loan Forgiveness (PSLF) and Income-Driven Repayment (IDR) loan forgiveness, as long as you meet all the other requirements to receive credit. For example, a borrower pursuing PSLF would still need to be working full time for a qualified employer during the suspension period.
  • Interest rates on eligible federal loans will be reduced to zero percent. The interest rate on all of your eligible federal student loans will be reduced to zero percent, and this interest rate reduction will be backdated to March 13, 2020. Any payments made after March 13, 2020 will be applied to any previously accrued interest, and then to your principal balance.
  • Collection activities on covered loans will be on pause for the duration of the payment suspension. If your loan is in default, all collections activity, including wage garnishment, federal benefit offsets, and federal tax refund offsets. If you are currently in garnishment, you will need to contact your employer directly to ensure the garnishment is paused.

You can find additional information on the Federal Student Aid website:

Note: Income-Driven Repayment recertification dates that occur during the payment suspension period have been extended by six months

Support for Student Loan Borrowers

For borrowers having problems with their student loans, there are places they can turn for help. Below is a link to the Consumer Financial Protection Bureau’s Complaint portal where borrowers can submit complaints as well as a list of state-based resources for borrowers.

Submit a Complaint to the CFPB

State-Level Student Borrower Support


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