What the student loan payment pause means for your student loans.
President Joe Biden extended student loan relief for the 4th time. Let’s answer your top questions. Here’s what you need to know. Now that Biden has extended the student loan payment pause, you may be wondering what this means for your student loans. Here are 5 major questions that student loan borrowers may be asking: When does student loan relief end? Currently, Biden has extended the student loan payment pause until August 31,2022. That’s four extra months of student loan relief. Since March 2020, student loan borrowers haven’t been required to pay any federal student loan payments and haven’t been charged any new interest on their federal student loans. Collectively, student loan borrowers have saved $5 billion a month on their student loans since March 2020. As a result of student loan relief, the Federal Reserve estimates that student loan borrowers have saved $195 billion on their student loans. ( Biden could extend the student loan payment pause forever). The student loan payment pause has now been extended six times. ( Student loan payment pause: Senator says extending student loan relief is unfair to most Americans). Congress passed the Cares Act — the $2.2 trillion stimulus package — in March 2020. This legislation, which President Donald Trump signed, granted historic student loan relief. Trump extended this student loan relief twice during his presidency. Biden has extended this student loan relief an additional six times.
