Student loan payments and interest accrual will resume this fall, after more than three years on pause, regardless of what the Supreme Court rules on President Joe Biden’s student loan forgiveness plan.
The Supreme Court struck down President Joe Biden’s plan to forgive up to $20,000 in student debt for millions of people Friday, leaving many borrowers’ full balances intact when the government ends a years-long pause on student loan payments this fall.... [+]
pause, regardless of what the Supreme Court rules on President Joe Biden’s student loan forgiveness plan.Since the beginning of the pandemic, the federal government has paused student loan payments and stopped federally held debt from accruing interest, a program first put in place in March 2020 and extended repeatedly by the Trump and Biden administrations.
However, Biden signed a bill earlier this month that requires the payment pause to wind down at the end of the summer, among the many particulars in a deal between Biden and congressional Republicans to raise the debt ceiling—an agreement that will remain in effect regardless of the Supreme Court’s decision on loan forgiveness.
Federal student loans will start to accrue interest again on September 1, and borrowers will also have to start making payments on the debt in October, the Department of Education
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