Student loan payments set to resume this October

The payments will restart in October, and interest on the loans will resume a month earlier on Sept. 1, an Education Department spokesperson told Politico.“We will notify borrowers well before payments restart,” the spokesperson said.

The update comes after the Fiscal Responsibility Act stated that normal student loan protocols will resume “60 days after June 30, 2023.” The Supreme Court is expected to rule on the student loan plan, which President Joe Biden introduced last year, by June 30. The plan would forgive $10,000 in student loans for all borrowers making less than $125,000 and $20,000 if the borrower received a Pell grant.House Democrats have encouraged Biden to create alternative plans for canceling federal student loans in the event the Supreme Court rules the plan unconstitutional.

Rep. Alexandria Ocasio-Cortez is one of the House Democrats encouraging Biden to make a backup plan. She recently warned the Biden administration that the Supreme Court's"corruption" would tank the student loan plan.

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