Student Loan Pause Ending In New York State

The school year has come to an end and for millions of students and families that means it is time to relax and celebrate! However, some students may be sweating this summer for another reason than the heat!

The summer of 2023 will be so fun! From Albany to Buffalo, there are dozens of concerts and events that are planned and, post COVID pandemic, we are eager to get back to the fun! But one of the memories and items of unfinished business across the country has come up and may haunt you or someone you know.

The Federal Government has started the process of figuring out the national debt situation, and, as a result, the process of figuring out ways to get some money back. It appears that one of the ways is to start to chase down student loan repayments.

CNN is reporting that:

The pause “shall cease to be effective” 60 days after June 30, the bill reads.

That’s roughly in line with the Biden administration’s plan to resume payments either 60 days after June 30 or 60 days after the Supreme Court rules on the separate student loan forgiveness program – whichever comes first. The justices are expected to rule in late June or early July.

Things will be getting interesting soon for former students. If you forget, or have forgotten, about your loan commitment, the bills will most likely be sent out within the next few weeks.