The decision comes after federal court rulings blocked further implementation of the student loan repayment plan.
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Thedecisioncomesafterfederalcourtrulingsblockedfurtherimplementationofthestudentloanrepaymentplan.
Inresponsetocourtrulingsblockingkeyelementsofthefederalgovernment’snewstudentloanrepaymentprogram,theBidenadministrationwillbegivingabout3millionborrowersareprievefromtheirmonthlypayments.
The3millionborrowerseligibleforthepauseareenrolledintheincome-drivenrepaymentprogramdubbedSAVEandhaveamonthlypaymentthatismorethanzero,accordingtotheU.S.DepartmentofEducation.About4.5millionSAVEenrolleeswhoqualifyforzero-dollarpaymentsbecauseoflowincomeswillnotbeincludedinthepause.
ThepaymentpauseissimilartotheCOVID-19studentloanreliefthatlastedfor31/2years,fromMarch2020throughSeptember2023,duringwhichborrowersdidn’thavetopaymonthlybillsandinterestdidn’taccrue.
Borrowerswhoareeligibleforthenewpausewillbeinformeddirectlyinthecomingdays,aspokespersonfortheEducationDepartmenttoldTheEpochTimes.
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