After a three-year pause because of the COVID-19 pandemic, federal student loan payments are expected to restart this fall.
Student loan interest will resume Sept. 1, and payments will be due starting in October, according to the Federal Student Aid website, an office of the U.S. Department of Education.
The announcement came years after student loan payments were first suspended in March 2020 when the pandemic shut down the U.S. economy. That suspension was extended five times. But this month, Congress approved a bill prohibiting the education secretary from making extensions without congressional approval.who collectively owe more than a trillion dollars in student loan debt, NPR found.
“We recognize that the return to repayment would result in significant financial hardships for many borrowers,” a U.S. Department of Education spokesperson said in an email. “We will also be in direct touch with borrowers and ramping up our communications with servicers well before repayment resumes to ensure borrowers and their families are receiving accurate and timely information about the return to repayment.
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