Student Loan Payment Pause Ending: How to Prepare for Resuming Payments.

Millions of borrowers are bracing for the resumption of federal student loan payments in the fall, with many worried about how they will afford the extra expense. The more than three-year-long pause on payments is slated to finally conclude within months, with the Biden administration preparing borrowers for their payments to resume by September. Although the average borrower likely saved around $15,000 in student loan payments due to the policy, many are still struggling financially due to the pandemic and inflation. Consumer advocates warn that the student loan system is not prepared to return to repayment, with recent turnover and layoffs among student loan servicers adding to the concerns.