Biden student loan payment pause extended for SAVE borrowers
U.S. President Joe Biden speaks as he announces a new plan for federal student loan relief during a visit to Madison Area Technical College Truax Campus, in Madison, Wisconsin, U.S, April 8, 2024.
Kevin Lamarque | Reuters
Federal student loan payments for some 8 million borrowers will remain on pause for six months or longer, a spokesperson for the U.S. Department of Education said.
The development on Monday comes as the administration has been dragged into a slew of legal battles waged by Republicans over its recent student loan relief efforts.
The borrowers who are excused from their monthly payments are those enrolled in the Biden administration’s new SAVE plan.
A federal court issued an injunction earlier this year preventing the U.S. Department of Education from implementing parts of the Saving on a Valuable Education plan. The Education Department billed SAVE as the most affordable repayment plan in history, and many people were expected to see their bills cut in half.
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