In March 2020, Congress passed the CARES Act, providing a temporary pause on direct federal student loan payments and reducing the interest rate accrual on these loans to zero. This freeze has been extended through May 1, 2022, and there are signs it may be extended further.
Federal loans make up more than 90% of outstanding student debt overall. More than 40 million borrowers owe around $1.6 trillion in federal student loan debt, a sum bigger than credit card or auto debt. These federal student loan borrowers have been spared over $195 billion in loan payments since...
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