Former President Donald Trump first announced the stay on federal student loan bills and the accrual of interest in March 2020, when the coronavirus pandemic hit the U.S. and crippled the economy.
The pause has since been extended eight times.
The Education Department notes on its financial aid website that “Congress recently passed a law preventing further extensions of the payment pause.”
The Education Department says borrowers will be expected to make their first post-pause payment in October. Meanwhile, interest will start accumulating on borrowers’ debt again on Sept. 1, the department says.
Welp, there goes the economy.
Republicans crashing the economy right before an election to gain votes? You don’t say. McCarthy is hoping people don’t see it was his debt ceiling bullshit that forced this and blocked debt forgiveness.