Published on : November 20, 2020
The Council on Social Work Education (CSWE) joined several higher education associations in calling for an extension of the suspension of federal student loan payments, continuing zero percent interest, and the collection of defaulted loans. In March, the Department of Education (ED) provided these reliefs, which were subsequently included in the CARES Act. ED again extended the measures through December 31, 2020. In letter sent to ED, CSWE and other higher education organizations call for these relief measures to be extended until “December 31, 2021, or until the federal government formally declares an end to the pandemic, whichever occurs first.”
Some observers have noted that the expiration of these measures on December 31, 2020 is a “cliff” that could create massive disruptions and confusion for borrowers still dealing with the pandemic. The letter also notes, “… borrowers who continue to be financially impacted by the pandemic need more time to get back on their feet in the form of extended relief from required repayments coupled with zero percent interest.”