Why is Student Loan Forgiveness Paused?

Written by Reananda Hidayat Permono Completed Master Degree from Curtin University, Perth, Australia.


In August, the Biden administration announced the student loan forgiveness program to forgive borrowers’ debt up to $20,000.

However, it’s pretty hard to keep them updated as the program faced multiple legal challenges from the Republican party. Here are some updates for you.

Will Biden extend student loan payments in 2023? President Joe Biden will extend the student loan payments “no later than June 30, 2023” to give the Supreme Court enough time to take care of the case.

Why is student loan forgiveness paused? A federal judge in Texas blocked the student loan forgiveness plan and labeled it “unlawful”.

How long does it take to pay off $40 000 in student loans? It depends on what repayment plan you take.

But people usually take the repayment term of 25 years to handle the $40,000 student loan.

What is the monthly payment on a $30000 student loan? If you have student loans of $30,000 at a 10-year loan term and 7% interest, you will pay $348/month.

The number will significantly decrease if you qualify for the student loan forgiveness plan.

What is the monthly payment on a $40000 student loan? It depends on how long the loan lasts, but the monthly payment ranges from $424 to $3,591.