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Frequently Asked Questions

When will student loan payments resume?

After President Joe Biden unveiled his plan to forgive up to $20,000 in student loan debt per borrower, the White House announced student loan payments would resume on Jan. 1, 2023. Payments and interest were suspended in March 2020, at the start of the pandemic, and then postponed eight more times under two administrations.

Are there any risks associated with resuming student loan payments?

Resuming student loan payments will put stress on personal budgets post-accommodations, averaging as much as $244 per borrower, according to a recent Equifax study. The study also found that credit scores are more likely to decline and that delinquency and defaults will resume, especially among younger borrowers with less credit history.

What debt relief is available to federal student loan borrowers?

Borrowers who have federal Pell Grants would be eligible for an additional $10,000 in relief, for a total of $20,000 in student loan forgiveness. Which student loans are currently paused? The moratorium on student loan payments and interest includes all federally held student loans, regardless of what company is servicing the loan.

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