The Biden administration has said that federal student loan payments will remain paused through Aug. 31. Here's what that means for borrowers, who is eligible, and why the program was extended.
, including the Direct Loan Program, which issues subsidized and unsubsidized student loans. It does not apply to private loans issued by banks or schools. The latest federal data show that more than 43 million Americans have student loans amounting to a combined $1.6 trillion.The freeze has been extended multiple times as a reprieve for Americans facing financial hardship during the pandemic.
Kristin McGuire of Covina, California said the freeze has given her a break from her $50,000 in student debt, allowed her to repair her credit and refinance her home with her husband. But she said the piecemeal extensions have brought their own stress.
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