November 25, 2022
By now you’ve probably already heard you will not have to start repaying your federal student loan debt in January.
But that’s not going to last forever, and you may be wondering when exactly those payments will start back up again.
Well, the President decided to extend the federal student loan forbearance program that allows you skip your monthly payments with no penalty and keeps interest at zero percent — so his administration could continue to fight all the lawsuits against his student loan forgiveness program.
The department of education still believes it has the legal authority to forgive either $10,000 or $20,000 of federal student loan debt per qualified borrower. In fact, they have asked the Supreme Court to look into the case. But that takes time. And the administration says it wouldn’t be right to restart the payments until it’s all decided.
But they will restart eventually and there are a few dates you should know.
The department of education says –
Monthly payments will either resume – 60 days after the administration is allowed to start forgiving either $10,000 or $20,000 of your federal student loan.
Or
60 days after the lawsuits are resolved.
Or
By September 1 if the litigation has not been resolved.
