Federal student loan payments will now resume on June 30, 2023.
"We've wound down pandemic relief programs like the ones for unemployment insurance and small businesses," he said in August."It's time we do the same thing for student loans," he added, setting the original December 31 expiration date.
But since forgiveness is currently in limbo, the administration feels it owes it to borrowers to try to have a final answer before payments resume.The pause will now expire on June 30, 2023 unless the courts make a final decision on debt forgiveness before that, in which case payments will resume 60 days later, according to aIf the courts have not reached a decision by June 30, payments will resume 60 days after that.Currently, the lawsuit brought by six states known as Nebraska v.
A separate lawsuit is with the Fifth Circuit Court of Appeals in Texas after a federal district court judge ruled the forgiveness plan unconstitutional, which the Justice Department appealed on Biden's behalf.Biden has not made any indication of a backup plan if the courts don't allow debt forgiveness to reach borrowers. With every update, the administration reiterates its commitment to"fighting for borrowers" along with its stance that the action is legal.
In announcing the payment pause extension, the Education Department also highlighted the other steps the administration has taken to address the various problems throughout the student loan system, like
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