Is the debt deal changing student loan repayment? Here’s what you need to know – Gist It

Is the debt deal changing student loan repayment? Here’s what you need to know

The debt deal may end the pause on federal student loan repayments and change the landscape for millions of borrowers.

What’s in the deal: The House of Representatives is set to vote on a bipartisan compromise that would restart student loan payments, effective 60 days after June 30.
* This means federal student loan borrowers would be expected to resume payments after August 29, and loan interest would also accrue.
* The debt deal also prohibits the education secretary from extending the pause without congressional approval.

The big picture: The end of the pause would impact 43 million borrowers who collectively owe over a trillion in student loan debt.
* The Biden Administration’s plans to erase up to $20,000 in debt for certain borrowers is a separate issue, with the fate of this plan resting in the hands of the Supreme Court.

What’s next: If the debt deal passes the House, it moves to the Senate with Majority Leader Chuck Schumer hoping to pass the legislation by June 5.
* If the deal passes as is, federal student loan repayments will be set to restart at the end of August.

View original article on NPR

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