Biden Administration Extends Loan Repayment and Interest Pause on Federal Student Loans

President Biden announced Federal Forbearance halting loan repayment and interest collection on federal student loans. The Forbearance was set to expire starting January 1^st 2023, but it is now extended through June 30^th 2023. The extension is due to the paused debt forgiveness plan that is stuck in federal court. If the loan forgiveness plan is allowed to proceed borrowers will have 60 days from implementation until loans go into repayment. If the program is still on hold as of June 30^th, loan repayment start in July. For more details view the Department of Education Press Release