Student Loan Repayments Restart Soon

FILE - In this Oct. 24, 2019, file photo students walks in front of Fraser Hall on the University of Kansas campus in Lawrence, Kan. Student loan forgiveness might be on the way after all, according to experts who see the tax break included in the $1.9 trillion stimulus package as a bellwether. The tax break would ensure any debt forgiven from Dec. 31, 2020, to Jan. 1, 2026, won’t be counted as income — effectively nixing the argument that cancellation would prompt a tax burden on borrowers. (AP Photo/Orlin Wagner, File)

Student loan payments are getting set to restart soon.  Federal payments were paused with interest rates set at zero at the start of the coronavirus pandemic.  The Biden Administration rolled out one more “final extension” in August with the pause ending on January 31st of next year.  In the fall of this year, more than 42-million-people had federal student loans of some sort which equals almost one-point-six-trillion-dollars.  Borrowers can expect to see a billing statement with at least 21 days before the first payment is due on February 1st.

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