Biden will extend freeze on student loan payments

President Biden is planning to extend the pause on student loan payments by at most another eight months, keeping interest from accruing on the debts until legal battles play out.  

Amid the legal back-and-forth over the Biden administration’s plan, federal borrowers have been left in limbo as to whether up to $20,000 of their debts will be erased. Payments were set to begin again January 1, but the White House will now push that date back to either 60 days after the plan is given court-ordered approval to move forward or 60 days after June 30 if the litigation has not been resolved by then. 

Federal borrowers will now have an over-three year break from repaying their loans, as the moratorium was first implemented in March 2020.  

‘Callous efforts to block student debt relief in the courts have caused tremendous financial uncertainty for millions of borrowers who cannot set their family budgets or even plan for the holidays without a clear picture of their student debt…

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Written by Bourbiza Mohamed

A technology enthusiast and a passionate writer in the field of information technology, cyber security, and blockchain

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