Student loan interest will resume starting on September 1, 2023, and payments will be due starting in October.The United States Department of Education officially announcing when student loan interest and repayments will resume after a more than three-year pause.
Why It Matters: Part of Congress' debt ceiling legislation earlier this month included a date for the end of the pandemic-related payment pause. Interest will resume on September 1 and payments in October; the Department of Education said they "will notify borrowers well before payments restart."
Something To Consider: About one in five American adults report having outstanding undergraduate student debt. Meanwhile, the fate of the Biden administration's controversial plan to "cancel" some student debt (aka "forgiveness") for certain student borrowers remains with the Supreme Court. We await a decision – expected this summer – about whether this program will be permitted or not.
by Jenna Lee,