For the past two years, because of the pandemic, the millions of students with federal student loans haven’t had to worry about paying them. But that’s all about to change…
As of right now, the plan is for Biden to lift the ‘pause’ on the student loan payments starting on February 1st, 2022.
“We’re still assessing the impact of the omicron variant. But a smooth transition back into repayment is a high priority for the administration,”Jen Psaki
There are currently around 43 million Americans with student loans (myself included), with the debt equaling around $1.75 trillion. OUCH.
If you have been lucky enough to not pay your loan during this time, it’s probably smart to start setting money aside for it now in preparations of it starting back up.
There’s still hope on the horizon for some student loan relief, but that has been in the works for years, so I’m currently not holding my breath.