Federal Student-loan Balances Will Start Growing Again In One Month When Interest Returns

asheffey@businessinsider.com (Ayelet Sheffey), Business Insider
Tue, 08/01/2023 - 3:00am

President Joe Biden accompanied by Education Secretary Miguel Cardona as he announces new actions to protect student-loan borrowers in the Roosevelt Room at the White House in Washington, DC.Chip Somodevilla/Getty Images Interest on federal student-loan balances will resume in September. In October, student-loan borrowers will start making payments again. The Education Department announced a number of steps to ease the transition back into repayment. Federal student-loan balances will start to grow again in just one month.In March 2020, former President Donald Trump first implemented the student-loan payment pause, with waived interest, to give millions of federal borrowers financial relief during the pandemic.

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Topics:  roosevelt room   white house   washington   dc   chip somodevilla/getty images   interest   the education department   federal   march   president donald trump   covid-19   supreme court   higher education act   save plan   democratic   massachusetts sen elizabeth warren   new jersey sen bob menendez   ceos   rep virginia foxx   sen bill cassidy   republicans   senate   the department   business insider   president joe biden   education secretary miguel cardona   house   september   october   education department   department   biden   june   cassidy   month   borrowers   payments   pause   resume   repayment   payment   starting   process   pandemic   expressed   announced   steps   ease   including   transition   millions   due   information   resumption   financial   broad   spokesperson   support   connection   relief   debt   law   
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