The Biden administration, as per a deal with House Speaker Kevin McCarthy, plans to restart federal student loan payments, along with the accumulation of interest, by the end of summer. This agreement, a part of the decision to raise the country’s debt ceiling, will conclude the current pause on interest and monthly payments after August 30th. The Supreme Court has yet to decide on the potential cancellation of student debt, limiting the administration’s response options if the court halts the debt cancellation plan. Payments are expected to commence 60 days after a court ruling or on June 30th, according to the Education Department. The House GOP debt ceiling package includes provisions to permanently limit the Education Department’s ability to modify or cancel student loans.
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