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Tax Blog

Student Loan Payment Pause, again…

Federal student loan borrowers and the court system now have more time to figure out what is going on with debt forgiveness before payments resume. The payment pause has been extended, once again, through June 30, 2023. This date has been extended from the most recent pause deadline of December 31, 2022. Biden decided to grant this extension due to the ongoing legal issues that face the student loan forgiveness program. With two rulings that are currently blocking forgiveness, the Biden administration, last week, asked the Supreme Court to reinstate the program. The Supreme Court has not yet said whether it would take the case. In a statement from the White House, “The extension will alleviate uncertainty for borrowers as the Biden-Harris Administration asks the Supreme Court to review the lower-courts orders that are preventing the Department from providing debt relief for tens of millions of Americans.” Student loan payments will resume 60 days after the Department of Education is permitted to implement its student loan forgiveness plan or the litigation is resolved. If the program has not yet been implemented and the litigation has not been resolved by June 30, 2023, payments will resume 60 days after that. Remember that neither the student loan payment freeze nor potential widespread forgiveness would apply to private student loans. For more information, please reach out to the Professionals at the Center for Financial, Legal, & Tax Planning Inc., at (618) 997-3436.



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