The current suspension of payments and interest for most federal student loans is set to expire on January 31, 2022.
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The suspension applies to Direct Loans, Federal Perkins Loans, and Federal Family Education Loans (FFEL) owned by the Department of Education.
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Private student loans are not subject to the federal suspension and have their own repayment terms and options.
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The resumption of payments will happen automatically, and borrowers do not need to take any action.
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Once payments resume, borrowers will have the option to enroll in an income-driven repayment plan, which may lower their monthly payments based on their income.
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Borrowers who are experiencing financial hardship can contact their loan servicer to discuss their options, including deferment or forbearance.
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It is important for borrowers to keep track of their payment due dates and ensure that they resume making payments on time to avoid late fees or default.