Biden Grants Reprieve on Student Loans. Get Ready to Resume Payments Anyway.

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The Biden administration on Wednesday extended a pause in student loan payments, but borrowers should prepare for the eventual resumption of payments by saving the amount they would otherwise owe, experts advise. In August, the Biden administration announced a plan to forgive up to $10,000 in federal loans to low- and middle-income borrowers without Pell grants and up to $20,000 to borrowers with Pell grants. The student loan payment pause was due to expire on December 31.

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