Here’s how long the latest freeze on student loan payments will last

of President Biden drastic plan Forgiving millions of Americans student loan debt stuck in court (We will discuss these legal troubles in more detail here). For borrowers, so far, the most visible consequences of these legal blows are: application Biden’s student loan forgiveness plan is currently unacceptable. before this week Student Loan Pandemic Suspension It was due to end on December 31st, so millions of Americans would have been nervous about how to start paying again.

Millions have something to thank this week: the Biden administration announced Extend the moratorium on federal student loan payments. Here’s where student loan forgiveness is now and what it means for you.

Student Loan Forgiveness Current Status

Tuesday, the White House murmured “The administration will extend the moratorium on federal student loan repayments to allow the Supreme Court to rule cases regarding the student debt relief program.”

The extension is Federal Appeals Court Blocks Pardon Plan Because Biden’s plan was an excess of power. Ministry of Education says: Its Federal Student Aid website They will continue to fight for this plan, which means student loan forgiveness will likely go to the Supreme Court.

Meanwhile, President Joe Biden said, “It’s not fair to ask the tens of millions of eligible borrowers to resume paying their student loans while the courts are reviewing the case.” I’m here. in the posted video Twitter on Tuesday.

what this means for you

This payment freeze is not indefinite.of the white house Tweet says the moratorium ends when the debt forgiveness plan is able to move out of court. However, if the program’s legal challenges are not resolved by his end of June, the payment freeze will expire on June 30, 2023.

Payments will resume 60 days after the suspension ends, whether in June or earlier, allowing the administration to implement its forgiveness plan.

this is worth noting 8th time The Department of Education has extended the student loan pandemic moratorium.Student loan forgiveness stuck in court for now, but no harm Make a repayment plan.