We now have an end date for the pause on student loan payments.
On Saturday, President Joe Biden signed a bill that suspends the U.S. government’s $31.4 trillion debt ceiling, averting a first-ever default. Tucked away in the measure was a provision that restarts federal student loan payments after a pause that began during the COVID-19 pandemic.
The restart date is Aug. 29, meaning people will have to once again be required to make student loan payments, likely starting with their September bills. Loans will begin accruing interest then as well. The White House has ruled out more extensions though the debt deal put that in stone – no extensions could be given unless approved by Congress.will once again have to make payments on their student loans. The Education Department will notify borrowers before repayments begin.
Still undecided, however, is what impact President Joe Biden’s massive student loan forgiveness plan – currently in front of the Supreme Court – will have on the future of payments. The White House plan would forgive up to $10,000 in student loans for federal borrowers or up to $20,000 for those with Pell Grants. That decision is expected in June or July.was enacted under President Donald Trump in March 2020 and was set to expire in September 2020.
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