The Biden administration announced on Monday that it would extend the pause on student loan payments until January 31, 2023. The pause has been in place since March 2020, and it has helped millions of borrowers avoid making payments during the pandemic.
The extension of the pause is a relief for borrowers who are struggling to make payments. However, it also means that the government will continue to accrue interest on the loans.
The Biden administration has said that it is working on a plan to forgive some student loan debt. However, it is unclear when such a plan will be announced.
The extension of the pause is a temporary measure, and it is important for borrowers to start planning for when payments resume. Borrowers should make a budget and start saving money so that they can make their payments when the pause ends.
