U.S. extends moratorium on student loan payments

The U.S. authorities extended the moratorium on payments of student loans until January 31, 2022. This was reported by the U.S. Department of Education.

“The department believes that the additional time and the exact end date of the moratorium will allow borrowers to plan for resuming payments and reduce the risk of late payments and loan defaults,” the department reported in a statement.

According to The Hill, a moratorium on student loans was imposed last year due to the pandemic and was set to expire in September 2021. During that time, borrowers could not make loan payments and no interest was charged on the balance.