If you have one and stopped paying during the pandemic 3 year ‘pause’….
The monthly bill will resume ….
President Biden has that dated around September….
On the Supreme’s table is a question of does the President have the authority to order the pause that is actually being unpaused ….
Congress jumping on the bandwagon just voted to do what Biden says he’s gonna do, which is to halt the pause…
Almost 30 million. Americans could be affected by the monthly bill’s coming back….
And it’s probably gonna be a BIG mess for month’s to come going forward in getting things back…..
The NY Times has a question/answer piece …..
After a three-year break, student loan payments are about to come due again.
The payment pause on federal loans has been extended eight times since March 2020 as part of a pandemic relief measure.
This time, however, the big restart has been written into legislation: As part of the agreement between President Biden and Speaker Kevin McCarthy to raise the debt ceiling, the pause button would be released “60 days after June 30,” or around Sept. 1. That isn’t much different from the timeline that Mr. Biden previously laid out, but codifying it may give him less leeway to extend the pause yet again.
The payment break has provided relief for roughly 27 million borrowers and another seven million in default, who received a reprieve from wage garnishment and other collection efforts. Interest had also stopped accruing during that time.
Your finances may look completely different from what they were three years ago, which is why borrowers should take a moment to evaluate where they stand — ideally well before loan servicers are crushed with calls and inquiries….