Biden Grants Reprieve on Student Loans. Get Ready to Resume Payments Anyway.

Biden Grants Reprieve on Student Loans. Get Ready to Resume Payments Anyway.

The Biden administration on Wednesday extended a pause on student loan payments, yet borrowers should prepare for the eventual resumption of payments by saving the amount they would otherwise owe, experts advise. In August, the Biden administration announced a plan to forgive up to $10,000 in federal loans for low-and-middle-income borrowers without Pell grants, and up to $20,000 for borrowers with Pell grants. The student loan payment pause was set to expire on Dec. 31.