Student Loan Payments Set to Resume in October After Pandemic Pause

Federal student loan payments will restart in October 2022 after being paused since March 2020 due to the COVID-19 pandemic.
Some borrowers may struggle to resume payments, so the Biden administration is offering a 12-month "on ramp" period with lower payments.
Interest on student loans resumed accruing in September 2022, and monthly payments will restart in October.
Some states are offering student loan forgiveness programs to incentivize people to relocate or work in certain jobs.
The resumption of payments could reduce U.S. GDP growth and consumer spending as borrowers divert funds back to student loans.