Hear that collective sigh of relief?
“If loan payments were to resume on schedule in May, analysis of recent data from the Federal Reserve suggests that millions of student loan borrowers would face significant economic hardship, and delinquencies and defaults could threaten Americans’ financial stability,” Biden continued. “That additional time will assist borrowers in achieving greater financial security and support the Department of Education’s efforts to continue improving student loan programs.
Many parents have their own student loans to pay off, while parents of older kids have their children’s educational debt to worry about. The pause in federal repayments has allowed families to maintain some sort of financial security throughout the pandemic — as minor as it may seem to those not facing this particular burden. During this time, interest has stopped adding up and collections on defaulted loans have been on hold.
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