In October, tens of millions of borrowers will be required to pay their monthly federal student loan bills for the first time since March 2020, the Department of Education clarified Monday.
The Biden administration had previously said that the pause would end either 60 days after June 30 or 60 days after the Supreme Court rules on the separate student loan forgiveness program – whichever comes first.
The Department of Education has said that it will be in direct communication with borrowers and ramp up its communication with student loan servicers before repayment resumes. Originally, the pause on federal student loan payments was put in place to help borrowers struggling financially due to the pandemic.
Under the proposal, individual borrowers who made less than $125,000 in either 2020 or 2021 and married couples or heads of households who made less than $250,000 a year could see up to $10,000 of their federal student loan debt forgiven.while enrolled in college, the individual is eligible for up to $20,000 of debt forgiveness.
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