Student-loan borrowers won’t have to resume payments on their federal direct student loans until October, the incoming Biden administration announced Wednesday.
Borrowers and advocates have been on edge for months about the possibility of resuming payments as the freeze continued to be extended in a stop-gap fashion. Given that the pandemic’s economic impacts haven’t subsided, they’ve been concerned that borrowers will face financial and administrative challenges resuming payments.
In addition to providing some certainty for borrowers and servicers, the October 1 timing ensures that borrowers’ tax refunds won’t be at risk of being seized. The government has the ability to offset borrowers’ Earned Income Tax Credit or other tax refunds over defaulted student loans. Though many borrowers will continue to see pandemic-related student loan relief, millions will likely still be left out of the pause on payments and collections. Biden plans to direct the Department of Education to extend the pause on federal direct loans, according to documents from the transition.
His first act is helping is corporate donors who have been pushing for more cheap foreign labor in America with granting amnesty to millions and millions of illegal immigrants with amnesty. Thats why we will be having problems at our border.
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