The Impending Student Loan Crisis: Americans Brace for Financial Fallout.

Americans who have not been required to pay their student loans since March 2020 due to legislative and executive action during the pandemic are bracing for the resumption of payments for direct federal student loans on August 29. Advocates worry that the resumption of payments and the legal challenges to President Joe Biden's plan to cancel up to $20,000 in student debt can result in catastrophic consequences for vulnerable borrowers. The resumption of payments is complicated by the logistical hurdle of suddenly resuming payments for millions of Americans, which a Department of Education spokesperson described as "unprecedented" and "herculean."