Loan payments that were previously paused due to the COVID-19 pandemic may resume, depending on the specific policies of your lender or loan servicer. Many lenders and government programs initially offered borrowers temporary payment relief, such as forbearance or deferment options, to help alleviate financial difficulties caused by the pandemic. However, these relief measures are generally temporary and may have an expiration date.
For example, the U.S. federal government temporarily suspended payments and interest accrual on certain federal student loans through September 30, 2021, but it is unclear if this will be extended beyond that date. Similarly, some private lenders or loan servicers may have offered their own temporary payment relief options, but these may also have expiration dates.
If your loan payments were paused due to the pandemic, it is important to stay informed about any updates or changes to the relief measures that were put in place. Check with your lender or loan servicer to confirm when your payments are expected to resume, and to understand what your options are if you are still facing financial difficulties. It is also important to plan ahead and budget accordingly to ensure that you are able to make your loan payments on time once they resume.
