Student Loan Payments Set to Resume: What Borrowers Need to Know About the Return of Interest Accumulation?
Introduction: As the COVID-19 pandemic forced millions of Americans into financial hardship, the U.S. government implemented a temporary pause on federal student loan payments. However, with the economy showing signs of recovery, the time has come for borrowers to resume making their loan payments. Along with the restart of payments, interest accumulation on student loans is set to recommence. In this article, we will explore the details surrounding the resumption of student loan payments and the implications it may have for borrowers. Resuming Loan Payments: The temporary relief measures, which suspended student loan payments and temporarily set the interest rate at 0%, were introduced in response to the economic impact of the pandemic. These measures provided borrowers with some financial breathing room during a time of uncertainty. However, it is important for borrowers to be aware that the relief period is coming to an end. Interest Accumulation: One significant change that accom