For 42 million student loan borrowers, monthly payments will resume in January

Millions of student loan borrowers have just one month left to figure out how they’re going to resume monthly payments on their education debt while the coronavirus pandemic is still crushing the economy.

Monthly payments for most federal student loans have been on pause since March, when the CARES Act gave 42 million borrowers relief during the coronavirus pandemic. For the more than 37 million of those borrowers that haven’t made a payment in months, the unprecedented break is coming to an end. The moratorium will lapse in December, meaning payments will resume again in January unless another extension comes soon.

In the meantime, the government hasn’t been able to make a deal on another stimulus package, and it’s unclear if the President will keep to his word and extend the moratorium on federal student loan payments beyond the December deadline.

Don’t hold out for another pause or debt forgiveness

Adding to confusion for many borrowers is an uncertain future for student loan debt. People are anxiously waiting to see if Trump will extend the pause and are weighing the possibility that President-elect Joe Biden will be able to forgive some student debt when he takes office.

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