Millions of borrowers are given a break from making student loan payments.

Millions of borrowers are given a break from making student loan payments.
Millions of borrowers are given a break from making student loan payments.
  • The Biden administration will temporarily suspend loan payments for approximately 3 million borrowers under its new repayment plan as it battles legal challenges.
  • Individuals who have enrolled in The Saving on a Valuable Education, or SAVE plan, and pay more than $0 monthly will not owe any debt payments at the moment.

The Biden administration is temporarily halting student loan payments for approximately 3 million borrowers who are part of its new repayment plan, while simultaneously defending the program in court against legal challenges from Republicans.

The U.S. Department of Education announced that those who have signed up for the SAVE plan and have a monthly payment above $0 will not owe anything on their debt for the time being.

This is breaking news. Please check back for updates.

by Annie Nova

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