When federal student loan payments restart in the fall, borrowers will be spared for 12 months from the harshest consequences of falling behind.
The latest announcement by Biden is not another extension of that policy.
Even if the president wanted to prolong the relief, the recent bipartisan agreement to raise the federal debt ceiling includedHowever, borrowers will be spared from many of the usual consequences of missing a payment until October of next year. For example, loans will not go into default and delinquencies will not be reported to credit reporting agencies, said higher education expert Mark Kantrowitz. Late fees won't be charged, either.But as is the case with
, interest will continue accruing on your debt while you don't make payments. As a result, Kantrowitz recommends borrowers start repaying their bills, if they can.
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