The pause in student loan payments would have to resume by August 30 of this year according to President Biden.
President Joe Biden with Miguel Cardona, Secretary of Education (Photo: CNBC)
Resumption of Student Loan Payments
Student loan borrowers amounting to 44 million will have to resume their payments by August 30, as stated by President Biden. The payments have been resumed after the unclear status of the loans of students, due to an extension in payment pauses to proposals of debt relief programs taken to court. According to the Education Data Initiative, students of Ohio have total student loans of up to $62.3 billion, with an average of $34,721 per student.
Montly payments have been paused since March of 2020 since President Biden attempted to cancel the debts of millions since then. When he implemented another extension last November, he promised that the student loan payment pause would resume on August 30 of this year.
READ ALSO: Illegal New York Weed Shops Could Procure Fines Of $200K Under New State Law Enforcement
How Students Should Prepare to Pay Their Loan Payments
When paying for loan payments, the Department of Education strongly advises students to check first the status of their loans, paying close attention to the receiver of the loan that their selected plan. Loan servicers are external companies that are in charge of the billing. Students can check their loan servicer on the dashboard of their Federal Student Aid. Alternatively, they can call the information center.
According to the Department of Education, loan receivers should not charge students for services of any kind, and students should notify their loan servicers if they would change any of their identifying information such as their address or contract number.
