The US Department of Education intends to end its suspensions on federal student loan interest accumulation and resume mandatory student loan payments.
Federal student loan interest is set to resume in September, with payment suspensions set to expire not long afterward. told FOX Business that pandemic-related suspensions on federal student loans are now set to expire after months of speculation.
"Student loan interest will resume starting on September 1, 2023, and payments will be due starting in October," the Department of Education told multiple outlets this week. "We will notify borrowers well before payments restart."Fox News Digital reached out to the Department of Education for comment.were paused, and interest rates reduced to 0% in March 2020, when President Donald Trump signed the CARES Act in response to the COVID-19 pandemic.
If Biden were permitted to carry out his plan, he could eliminate a total of $441 billion in student debt from more than 40 million borrowers, according to the Federal Reserve Bank of New York. Secretary of Education Miguel Cardona speaks during a visit with first lady Jill Biden to Bergen Community College in Paramus, New Jersey.previously stated that the administration intended to resume normal debt repayment expectations approximately 60 days after the Supreme Court made a ruling.
If the court does not publish a ruling promptly, the administration is prepared to resume payments 60 days after June 30.
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