The COVID-19 pandemic has had a significant impact on the economy, leaving many individuals struggling financially. One area that has been particularly affected is student loans. In response to the economic hardships faced by students and recent graduates, the government implemented a temporary pause on student loan payments. This pause provided much-needed relief for borrowers, allowing them to focus on their immediate financial needs without the added stress of monthly loan payments. However, as the pandemic continues to evolve, many are left wondering when this student loan pause will come to an end.
The student loan pause was initially introduced in March 2020 as part of the CARES Act, a relief package aimed at providing financial assistance to individuals and businesses affected by the pandemic. This pause allowed borrowers to temporarily stop making payments on their federal student loans, with interest rates set at 0% during this period. The pause was initially set to expire in September 2020 but was later extended through December 2020 and then further extended until January 31, 2022.
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