Student loan payments have been paused since March 27, 2020. However, they are set to resume on October 1, 2021. A handful of United States senators are currently working to urge Biden to extend the pause on payments “until at least March 31, 2022”.
According to economists, ending the pause may lead to widespread missed payments, and delinquency. Even pre-pandemic, more than 1 in 4 borrowers were in delinquency or default.