Submitted by S. Patterson on Thu, 06/15/2023 - 12:18pm
So it nearly was with America’s moratorium on student-loan payments. The debt-relief scheme which suspended payments, interest charges and collections on more than $1trn in federal student loans was passed by Congress in the early days of the pandemic. Although meant to expire after just six months, it proved popular with voters and was extended eight times, despite a price tag of $5bn a month. Now the program may at last be ending for good. The debt-ceiling deal negotiated by President Joe Biden and the House speaker, Kevin McCarthy, would resume student-loan payments on August 30th, without the possibility of an extension.
Are student loan payments set to resume September 1st 2023? As of right now, yes. After three years, the pandemic-era freeze on student loan payments will end in late August of this year. It might seem tempting to just keep not making payments, but the consequences can be severe, including a hit to your credit score and exclusion from future aid and benefits.
So what does this mean for the millions of graduates with student loan debt? It means that more than 40 million Americans will have to start making federal student loan payments again at the end of the summer under the terms of a debt ceiling deal approved by Congress. If you can not afford to make your student loan payments please see if we can help you .
In North Carolina, we, the Law Offices of John T. Orcutt, would love to be the bankruptcy attorney you call. If you find yourself struggling financially, being hounded by debt collectors and looking for a permanent debt-relief solution, contact the law offices of John T. Orcutt for a free consultation on getting out of debt for good.
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