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Student-Loan Freeze Saves Borrowers Nearly $200 Billion as Biden Considers Extension
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Around 37 million federal student-loan borrowers were spared $195 billion in loan payments since the government froze their payments at the onset of the pandemic, and many of them are likely to struggle with their debts when the moratorium is lifted, according to a report released Tuesday by the Federal Reserve Bank of New York.
Borrowers haven’t been required to make payments on so-called direct federal student loans, and interest rates on those loans have been set at zero, since Congress passed emergency legislation in March 2020, a pause that has since been extended through May 1 and could be extended further.
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