Until a moratorium on payments is lifted at the end of December, borrowers cannot be required by lenders to pay their student loan debt.
The Biden administration announced Wednesday that student loan borrowers will not have to make college debt payments until 2023 as part of a sweeping plan to eliminate some recipients’ student debt, extending a pause on payments that first began at the start of the COVID-19 emergency in March 2020.
Under the plan, federal Pell Grant recipients could be eligible for up to $20,000 in student debt relief, while other borrowers may be eligible for $10,000 in loan cancellation based on their annual income.
Until the moratorium on payments is lifted at the end of December, borrowers cannot be required by lenders to pay their debt, and all auto debits on their accounts have been suspended along the same timeline.
