BELOW SUPERNAV drop zone ⇩

When do federal student loan payments restart?

The US Department of Education building building is seen in Washington, DC, on July 22, 2019. (Photo by Alastair Pike / AFP) (Photo credit should read ALASTAIR PIKE/AFP via Getty Images)

MAIN AREA TOP drop zone ⇩

MAIN AREA TOP drop zone ⇩

Mortgage Calculator

This calculator helps you estimate your monthly mortgage payment. It adds up the loan payment (principal + interest), property tax, and insurance. The loan payment is spread out over the years of your loan term.

This is the total amount you're borrowing from the bank.
This is the yearly interest rate on your loan.
This is how long you'll take to repay the loan.
This is the yearly tax you pay on your property.
This is the yearly cost to insure your home.

Monthly Payment Breakdown

Principal and Interest: $

Property Tax: $

Homeowners Insurance: $

Total Estimated Monthly Payment: $

maylen

https://digital-stage.newsnationnow.com/

AUTO TEST CUSTOM HTML 20241114185800

AUTO TEST CUSTOM HTML 20241115200405

AUTO TEST CUSTOM HTML 20241118165728

AUTO TEST CUSTOM HTML 20241118184948

WASHINGTON (NewsNation Now) — Federal student loan payments will remain paused until September 30, 2021.

Payments were first paused on March 20, 2020, by an executive order from former President Donald Trump. It was then signed into law under the CARES Act and renewed several times. Most recently, President Joe Biden extended payment loan forbearance on Jan. 20.

In addition to suspending all payments on Education Department-backed loans, interest rates were set to 0% for all debt owed federally.

Approximately 47.9 million people have some form of student loan debt, with 45.5 million owning something to the federal government, according to the US Department of Education’s Office of Federal Student Aid.

The total amount of federal student loan debt in the U.S. is $1.57 trillion.

Loans that qualify for the suspension include:

  • Defaulted and nondefaulted Direct Loans owned by ED
  • Defaulted and nondefaulted FFEL Program loans owned by ED
  • Defaulted FFEL Program loans managed by guaranty agencies
  • Defaulted and nondefaulted Federal Perkins Loans owned by ED
  • Defaulted HEAL loans owned by ED

The Biden administration has not stated if they intend to renew the pause once it expires on Sept. 30, 2021. Advocates have encouraged President Joe Biden to instead cancel some student loan debt.

Senate Majority Leader Chuck Schumer (D-N.Y.), among other high figures in Congress, have encouraged the president to cancel $50,000 of debt. Biden previously has voiced support for canceling $10,000 of debt.

In an interview with Politico, Biden’s chief of staff, Ron Klain, stated the president has asked Education Secretary Miguel Cardona to prepare a report on the constitutionality of the $50,000 debt cancellation by executive order.

Currently, there are programs in place from the Biden administration that cancel student loan debt for those defrauded by a for-profit college and disabled veterans.

Your Money

Copyright 2024 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed

Site Settings Survey

 

MAIN AREA MIDDLE drop zone ⇩

Trending on NewsNation

AUTO TEST CUSTOM HTML 20241119133138

MAIN AREA BOTTOM drop zone ⇩

tt

KC Chiefs parade shooting: 1 dead, 21 shot including 9 kids | Morning in America

Witness of Chiefs parade shooting describes suspect | Banfield

Kansas City Chiefs parade shooting: Mom of 2 dead, over 20 shot | Banfield

WWE star Ashley Massaro 'threatened' by board to keep quiet about alleged rape: Friend | Banfield

Friend of WWE star: Ashley Massaro 'spent hours' sobbing after alleged rape | Banfield

Clear

la

54°F Clear Feels like 54°
Wind
2 mph ENE
Humidity
74%
Sunrise
Sunset

Tonight

A few passing clouds. Low 46F. Winds light and variable.
46°F A few passing clouds. Low 46F. Winds light and variable.
Wind
2 mph NNE
Precip
2%
Sunset
Moon Phase
Waning Gibbous