Biden had also extended the pause, which is how the federal government reached the Sept. 30 end date.
The nearly two-year freeze will have provided a unique opportunity to borrowers: Those who have made payments have done so interest-free, letting them pay down their premium much more quickly.
Still, millions of Americans – many who voted for Biden – have been hoping the federal government would forgive their student loans, which reached record highs in 2020. Biden said early in his term that he would ask Congress to forgive $10,000 per person in debt.
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