Biden Administration Announces 12-Month "On-Ramp" to Repayment, Starting in October. Here's What That Means for Borrowers
As part of President Biden's efforts to make student loans more manageable for Americans, the administration has created a 12-month on-ramp to repayment. In a nutshell, while recent legislation forced the interest and repayment pause to end after August, the administration understands many people might have difficulty resuming their payments right away.
The on-ramp to repayment starts Oct. 1, 2023, as most borrowers will see their first student loan payment due date sometime in October. It lasts for one year, ending on Sept. 30, 2024. However, it's worth noting that it's possible the on-ramp could be extended if the administration feels enough borrowers are benefiting from it.
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Source Fool.com
