If you are the proud, proud owner of Student Loans, this is for you!
As you may know, Student Loans have been paused and 0% interest has been invoked since the start of the pandemic.
Unfortunately, most student loan borrowers are not anywhere near ready to restart payments, especially with the high cost of everything right now.
The current pause was set to end on December 31, 2022 but now, another extension is happening after the Biden administration’s student loan forgiveness program is tied up in the courts.
The student loan payment pause will now last until 60 days after the litigation is resolved.
According to the Department of Education, if the program has not been implemented and the litigation has not been resolved by June 30, payments will resume 60 days after that.
“I’m completely confident my plan is legal,” said President Joe Biden in a video posted to Twitter Tuesday, referencing his student loan forgiveness program.
This pause is supposed to give the Supreme Court enough time to hear the case of the student loan forgiveness to move that program along.
President Biden continued:
“But it isn’t fair to ask tens of millions of borrowers eligible for relief to resume their student debt payments while the courts consider the lawsuit,” he added.
I mean he isn’t wrong.
Besides, people cannot afford payments right now with the high cost of living.
So, if you were worrying about your student loan payments starting in January, you can sleep a little easier tonight knowing you have a few more months to figure things out!
You can watch the video President Biden posted below.
I'm confident that our student debt relief plan is legal. But it’s on hold because Republican officials want to block it.— President Biden (@POTUS) November 22, 2022
That's why @SecCardona is extending the payment pause to no later than June 30, 2023, giving the Supreme Court time to hear the case in its current term. pic.twitter.com/873CurlHFZ