The Biden administration has announced that federal student loan payments will remain suspended through January 2022, extending a pause that was scheduled to expire next month.

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The Education Department says this will be the final extension.

Borrowers will not have to make payments on federal student loans during the moratorium, interest rates will be set at 0% and debt collection efforts will remain on pause.

The suspension will expire Jan. 31, 2022.

Education Secretary Miguel Cardona says it’s meant to give borrowers enough time to prepare for their payments to resume.

The Trump administration initially suspended loan payments in March 2020 and the moratorium was extended several times.

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