People with federal student loan debt should expect payments to resume in October, a spokesperson from the Department of Education tells ABC News.
, the U.S. Department of Education has announced a broad timeline for when all borrowers should expect to restart their payments after a three-year pause for COVID-19.payments to resume starting in OctoberThat means that while interest will begin accumulating on Sept. 1, payments won't be due right away, instead ramping up through the following weeks. Exactly when payments are due for borrowers could depend on how individual loan servicers handle the restart.
In this Aug. 25, 2022, file photo, student loan forgiveness advocates attend a press conference on Pennsylvania Avenue in front of the White House in Washington, D.C."I think there are lots of questions we have that the [Department of Education] really needs to put out guidance to their servicers on, like a firm timeline and what to expect so that borrowers can can plan accordingly," Canchola Bañez said.
If the decision goes in Biden's favor, Americans with federal student loans who make below a certain income will have between $10,000 and $20,000 of their debts canceled before payments restart. If the Supreme Court rules against Biden's plan, Americans will restart payments for the first time since 2020 without any such changes.
In this Feb. 28, 2023, file photo, people rally in support of the Biden administration's student debt relief plan in front of the the Supreme Court, in Washington, D.C.Critics of Biden's student loan cancellation plan have countered that it is beyond his authority as president and unfair to other borrowers who paid off their own loans. Some of the Supreme Court justices have likewise taken a skeptical view of forgiving the debt.
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