Student loan payments in the United States have been paused since March 2020 due to the COVID-19 pandemic. The pause was originally set to expire in September 2020, but has been extended several times since then. The Biden administration has announced that the pause will be extended one final time, through August 31, 2023. After that date, student loan payments will resume in full.
The pause on student loan payments has been a significant benefit to borrowers, saving them billions of dollars in interest and allowing them to focus on other financial priorities. However, the pause has also created some uncertainty about when payments will resume and what the terms of those payments will be.