SPONSORED:

Federal student loan payment suspension extended another month

Federal student loan payment suspension extended another month
© Getty Images

Those with student loan debt will be granted an additional month of relief as the COVID-19 pandemic worsens, U.S. Secretary of Education Betsy DeVosBetsy DeVosPardon talk intensifies as Trump approaches final 24 hours in office Azar in exit letter to Trump says Capitol riot could 'tarnish' legacy READ: Departure letter from HHS Secretary Azar to Trump MORE said Friday.

A pause on interest accrual and loan payments slated to end on Dec. 31 has been extended through Jan. 31, 2021, the U.S. Department of Education said in a statement.

"The coronavirus pandemic has presented challenges for many students and borrowers, and this temporary pause in payments will help those who have been impacted," DeVos said. "The added time also allows Congress to do its job and determine what measures it believes are necessary and appropriate. The Congress, not the Executive Branch, is in charge of student loan policy."

Loan borrowers have been able to defer payments without penalty since the Trump administration announced the emergency relief order in March. The memorandum, originally scheduled to last 60 days, was originally extended in August with stipulations to provide relief only until the end of the calendar year.

Earlier Friday, President-elect Joe BidenJoe BidenDobbs: Republicans lost in 2020 because they 'forgot who was the true leader' Should deficits matter any more? Biden's Cabinet gradually confirmed by Senate MORE said the Labor Department's "grim" monthly employment report, which showed a slowdown of job growth in November, exemplifies a need for strong government assistance as the pandemic rages on, with COVID-19 cases skyrocketing across the country. Biden called on Congress to pass the $900 billion coronavirus relief proposal before the lame-duck session comes to an end.