Student loan accounts held by the federal government will begin collecting payments and accumulating interest next month, ending a three and a half year pause on payment requirements for federal student loans.
In March 2020, the federal government announced that student loan payments and interest accumulation would be paused due to the effects of the COVID-19 pandemic. The pause essentially froze outstanding balances for federal student loans in place for three years as the pause was repeatedly extended.
On Sept. 1, the pause will end, and interest on federal student loans will once again accumulate, and borrowers will have to resume monthly payments in October.
A spokesperson for the Department of Education directed the Washington Examiner to its online resources on the resumption of student loan payments when contacted for comment.
On Sept. 1, the pause will end, and interest on federal student loans will once again accumulate, and borrowers will have to resume monthly payments in October.
A spokesperson for the Department of Education directed the Washington Examiner to its online resources on the resumption of student loan payments when contacted for comment.