Federal student loan payments paused until Jan. 31

Americans with student loans will receive another month of payment relief.

That's according to U.S. Secretary of Education Betsy DeVos who on Friday announced a month extension to help those struggling financially due to the coronavirus pandemic.

In March, the Trump administration suspended interest and payments on federal student loans for 60 days.

In August, the moratorium was extended until Dec. 31 and on Friday it was extended until Jan. 31.

DeVos also extended the pause of collections on defaulted student loans.

DeVos' announcement came after a government report earlier in the day showed the labor market slowing in November as talks aimed at delivering a fresh infusion of coronavirus relief to American families and businesses gathered momentum in the U.S. Congress.

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