On his first day in office, President Biden fulfilled his promise to extend forbearance on federal student loans. That means those with Federal student loans do not need to make payments until October 2021. Interest on these loans remains at zero percent during this time. This applies to:
- All Direct Loans (including those in default)
- All FFEL Program loans (including those in default)
- All Federal Perkins Loans (including those in default)
- Defaulted HEAL loans
President Biden has also indicated that he wants to reform and expand certain elements of federal loans, including parts of Public Service Loan Forgiveness, but those actions will come later.