Biden administration extends repayment freeze for 8 million student loan borrowers
CBSN
Federal student loan payments for about 8 million Americans will stay on hold for at least another six months, the U.S. Department of Education confirmed on Monday.
As first reported by CNBC, the decision impacts those enrolled in the White House's "SAVE plan," which is temporarily blocked by a federal appeals court. Those who signed up for the plan are excused from their monthly payments and will be put in an interest-free general forbearance, a spokesperson for the agency told CBS MoneyWatch.
The 8 million borrowers in SAVE, and anyone who has applied for the debt relief program, should expect to remain in interest-free forbearance for at least six more months pending the outcome of legal challenges to the SAVE plan according to the agency.
