The Education Department finalized a three-month grace period for missed payments once student loans come due.
Education Department officials are preparing to unveil in the coming weeks, and then swiftly implement, the final version of President Joe Biden’s new loan repayment program. | Stefani Reynolds/AFP/Getty ImagesBiden administration officials are devising plans to ease the sting of requiring tens of millions of Americans to resume paying their student loans this fall for the first time in more than three years.
In addition, Education Department officials are preparing to unveil in the coming weeks, and then swiftly implement, the final version of President Joe Biden’sThe administration plans to promote that new income-driven repayment plan as a way for student loan borrowers to cut costs as monthly payments resume. Officials have rebranded the policy as the “SAVE” plan, an acronym for “Saving on a Valuable Education,” according to people familiar with the forthcoming regulation.
“The only acceptable order of operations is delivering student loan cancellation and then the return to repayment,” said Melissa Byrne, a student debt activist whose organization, We The 45 Million, has led demonstrations calling for debt relief outside the White House since the beginning of the Biden administration.
“Any well-meaning person would have assumed people were going to start paying back that which they owed the last day of August,” Cassidy said in an interview. “Now we hear it’s at least 90 days and probably longer.”
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