"Student Loan Updates: Forgiveness, Tax Removal, and Payment Hold Options"

Student loan payments are expected to resume soon, but borrowers can request a deferment or forbearance to postpone payments. Deferments are preferred as they do not accrue interest, but borrowers should try to keep up with interest payments during a forbearance. Borrowers can also opt for income-driven repayment plans or the new repayment option proposed by the Biden administration, which would cap monthly payments at 5% of discretionary income for undergraduate loans.