Executive Order Issued to Extend Moratorium on Student Loan Payments

At a Glance 

• The President extended the suspension of Federal student loan payment through September 30, 2021
• The Executive Order also keeps the interest rate on student loans at 0% during the moratorium period

Moratorium on Student Loan Debt 

The President issued an Executive order on January 20, 2021 extending the suspension of payments on Federal student loan debt through September 30, 2021.  The order indicates the moratorium may be extended should economic conditions fail to improve before they are set to resume on October 1, 2021.

The moratorium was set to expire on January 31, 2021.

Next Steps 

Paylocity will continue to monitor the impacts of the Coronavirus Pandemic on the legislative environment and provide updates as they become available.

Thank you for choosing Paylocity as your Payroll Tax and HCM partner. 

This information is provided as a courtesy, it may change and is not intended as legal or tax guidance. Employers with questions or concerns outside the scope of a Payroll Service Provider are encouraged to seek the advice of a qualified CPA, Tax Attorney or Advisor.