On January 20th, his first day in office, President Biden suspended student loan payments and interest through September 30. For anyone with a federal student loan, this means you don’t need to make payments until October 2021, no interest will accrue to your outstanding balance, and if you are in default then your loan will not be collected during that time. While that is obviously great news and gives you breathing room by deferring payments, it’s important to remember that this merely pauses payments for a few months; the debt will still be there and you will have to resume payments Oct 1 (unless an extension is passed).
