Economist William Chittenden explains what the Public Service Loan Forgiveness program is, who is eligible and what has changed lately.
“Student loan borrowers haven’t had to make payments on their federal loans—or accrue interest on those loans—since March 2020, when the Trump administration put the payments on pause due to the COVID-19 pandemic,” William Chittenden writes. “But that will change on Sept. 1, 2023, when interest will once again begin to accrue on outstanding student loans. Payments on the actual loans is set to resume in October 2023.”
The Biden administration is planning to put student-loan debt on a “final” hold until Jan. 31, 2022. This is not enough for many people in the United States who are saddled with student-loan debt. Numerous inequalities occurred as a result of the global pandemic—educational disadvantages of rural and inner-city school districts, dietary inequities, racial inequity and lack of health-care access.
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