𝐒𝐓𝐔𝐃𝐄𝐍𝐓 𝐋𝐎𝐀𝐍 𝐅𝐎𝐑𝐁𝐄𝐀𝐑𝐀𝐍𝐂𝐄 𝐄𝐗𝐓𝐄𝐍𝐃𝐄𝐃 𝐓𝐇𝐑𝐎𝐔𝐆𝐇 𝐉𝐀𝐍𝐔𝐀𝐑𝐘 𝟑𝟏, 𝟐𝟎𝟐𝟏 (𝟏𝟐/𝟕/𝟐𝟎𝟐𝟎)

The Department of Education has announced the extension of the federal student loan administrative forbearance period, the pause in interest accrual, and the suspension of collections activity through January 31, 2021.

Federal student loan borrowers will not be expected to make payments through January of next year, though they will continue to be able to do so and benefit from the 0% interest rate as they pay down principal.

Non-payments will continue to count toward the number of payments required under an income-driven repayment plan, a loan rehabilitation agreement, or the Public Service Loan Forgiveness program.

For more information, see https://www.ed.gov/news/press-releases/secretary-devos-extends-student-loan-forbearance-period-through-january-31-2021-response-covid-19-national-emergency

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𝐓𝐡𝐨𝐦𝐚𝐬 𝐉𝐚𝐦𝐞𝐬 𝐂𝐚𝐫𝐫𝐨𝐥𝐥, 𝐏.𝐂. 𝐢𝐬 𝐚 𝐥𝐚𝐰 𝐟𝐢𝐫𝐦 𝐟𝐨𝐜𝐮𝐬𝐢𝐧𝐠 𝐨𝐧 𝐟𝐞𝐝𝐞𝐫𝐚𝐥 𝐚𝐧𝐝 𝐬𝐭𝐚𝐭𝐞 𝐭𝐚𝐱𝐞𝐬 𝐭𝐡𝐚𝐭 𝐩𝐫𝐨𝐯𝐢𝐝𝐞𝐬 𝐢𝐧𝐝𝐢𝐯𝐢𝐝𝐮𝐚𝐥𝐬 𝐚𝐧𝐝 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬𝐞𝐬 𝐰𝐢𝐭𝐡 𝐭𝐚𝐱 𝐡𝐞𝐥𝐩 𝐚𝐧𝐝 𝐬𝐨𝐥𝐮𝐭𝐢𝐨𝐧𝐬 𝐟𝐨𝐫 𝐭𝐨𝐝𝐚𝐲 𝐚𝐧𝐝 𝐭𝐨𝐦𝐨𝐫𝐫𝐨𝐰.

𝐎𝐯𝐞𝐫 𝟑𝟓 𝐘𝐞𝐚𝐫𝐬 𝐨𝐟 𝐄𝐱𝐩𝐞𝐫𝐢𝐞𝐧𝐜𝐞 𝐢𝐧 𝐈𝐑𝐒, 𝐍𝐘 & 𝐍𝐉 𝐓𝐚𝐱 𝐀𝐮𝐝𝐢𝐭𝐬, 𝐀𝐩𝐩𝐞𝐚𝐥𝐬 & 𝐓𝐚𝐱 𝐏𝐥𝐚𝐧𝐧𝐢𝐧𝐠.

𝐖𝐖𝐖.𝐓𝐉𝐂𝐀𝐑𝐑𝐎𝐋𝐋-𝐋𝐀𝐖.𝐂𝐎𝐌