In August, President Biden announced student loan payments would resume in January 2023. However, recently, the Biden Administration announced one more payment pause extension. The Biden administration announced that it would extend the payment pause on federal student loans while its forgiveness plan remains blocked in the courts.
The pause will be extended until 60 days after the Biden administration can implement its student loan forgiveness plan, and litigation is resolved, according to a press release by the U.S. Department of Education. If it can’t proceed with its policy and the legal challenges are still unfolding by June 30, 2023, student loan payments will restart 60 days later.
Federal student loan payments have been on pause since March 2020, when the coronavirus pandemic first hit the U.S. and crippled the economy. Resuming the bills for more than 40 million Americans will be a massive task, and the Biden administration had hoped to ease the transition by forgiving a large share of student debt first.
Martin University will continue to give updates as new information arises. For more information on student loan debt and important dates, please visit https://studentaid.gov/debt-relief-announcement.