A pandemic-era student loan benefit ends after Monday. Here’s what borrowers need to know
CNN
A one-year grace period for student loan borrowers who miss a payment is ending this week.
A one-year grace period for student loan borrowers who miss a payment is ending this week. When student loan payments resumed last year after a three-plus year pandemic-era pause, the Biden administration provided what it called an “on-ramp period” through September 30, 2024. During that 12-month period, borrowers were shielded from the credit-damaging consequences of missing a payment. Student loan servicers were not reporting missed, late or partial payments to the three national credit bureaus. Data from the credit bureau TransUnion suggests many borrowers have taken advantage of the on-ramp period. The data shows that just over half of borrowers who should have been making payments have actually made them over the past year. The end of the grace period comes as the fate of a generous student loan repayment plan, created by the Biden administration last year, is uncertain. The SAVE (Saving on a Valuable Education) plan is currently on hold as litigation plays out. A hearing is scheduled for October 15 at the 8th US Circuit Court of Appeals. Borrowers enrolled in SAVE do not have to pay their monthly student loan bills while the plan is blocked. But if SAVE is ultimately struck down by the court, those borrowers may face bigger monthly payments going forward.
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