Released: April 11, 2022

The student loan pause won’t last forever

Source: Michelle Singletary, Washington Post (Paid Registration)

The extension for student loan repayment, interest and collections now runs until Aug. 31. But there was major news for people who were in default. The Biden administration announced that these borrowers won’t go back into collections after the pause ends.  Borrowers won’t be subject to collection actions such as a tax refund offset or wage garnishment.

it would be wise to start thinking now about how to incorporate your loan payments back into your budget.  If you’re still struggling and you haven’t already done so, look into lower payment options, including various income-based repayment plans.

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