January 21, 2021

Student Loan Forbearance Extended

News

Good news federal student loan borrowers!

President Joe Biden has just announced that he plans to extend student loan forbearance until the month of September. If everything goes according to plan, borrowers with existing loans can expect to resume payment on October 1, 2021.

President Biden believes that too many Americans are facing economic obstacles and students are having trouble paying back their loans. The thought of having to let borrowers choose between paying their student loan payments or paying for basic necessities especially during the ongoing pandemic, is simply callous.

The student loan extension will affect approximately 40 million federal borrowers who have been protected from payments and interest since the CARES Act was enacted last March. Then-president Donald Trump had taken executive action to allow the CARES Act to continue providing student loan relief until the end of January.

This new directive from Biden calls for an additional extension of paused payments that apply to all borrowers who took out federal student loans. Experts believe that this latest extension will give the administration, the Education Department, and Congress more time to figure out how they can transition millions of borrowers toward repayment successfully.

There is also continuous pressure on the Biden administration to cancel student loan debt altogether by way of executive action. However, President Biden believes he has no authority to do so alone. His advisers also made it clear that the new administration plans to have Congress tackle this issue.

The planned extension of the student loan forbearance is just one of the many executive actions that the Biden administration plans to enact. There are also several other actions related to education that the new president wishes to roll out alongside the loan extension. We will keep you updated on these as well!

Are you glad the paused payments has been extended? How do you feel about the possibility of cancelling student loan debt altogether?  🤗

Use Chipper for Lower Payments

Chipper can help you find a student loan repayment plan that actually fits into your budget. You simply fill out your information and link your student loan account for us to generate your options in seconds. We help the average student loan borrower save over $300 a month off their student loan monthly payment. Lowering your monthly payment plan can game changing for your personal finance and can be done in minutes! Sign up for Chipper today to get on track with your student loans.

Use Chipper for The Best Path to Forgiveness

Finding your path to student loan forgiveness is easier than ever before. Chipper helps members find better Income-Driven Repayment (IDR) plans every day. Once enrolled in an eligible repayment plan, we can help you explore your forgiveness options and understand your path towards forgiveness. Sign up with Chipper today and get on track with your student loans.

Use Chipper for Round-Ups

Paying off your student loans doesn’t have to be a long and painful journey. Round-Ups are a way to directly pay off your loans with your everyday spending! By tracking your linked spending account(s), we will calculate the rounded up amount from each transaction in a week (IE spending $4.28 would add $0.72 to the weekly amount). We then initiate a payment towards your student loan for the weekly amount. Get chipping away on your student loans with Chipper today.

Use Chipper for Public Service Loan Forgiveness (PSLF)

The Public Service Loan Forgiveness (PSLF) program was created to provide relief to borrowers aiding the public sector. Unfortunately, 30% of applicants are denied due to incorrect paperwork. We can help! Chipper was created to solve this issue by assisting borrowers in understanding their options as well as allowing forgiveness eligible users enroll into the best forgiveness program available. Sign up for Chipper today to see your student loan forgiveness options and get the forgiveness you deserve.

Use Chipper for Teacher Loan Forgiveness (TLF)

The Teacher Loan Forgiveness (TLF) program was created to enable teachers working in Title 1 schools to receive student loan forgiveness of up to $17,500 (depending on their teaching subject). Chipper has helped teachers from all over the country qualify for TLF program and can help you get the forgiveness you deserve today. Find out if you qualify for forgiveness in minutes with our employer search tool.

See How Much You Can Save with Round-Ups

Don't worry.
Be Chipper.
Get Started