in October — but a 12-month “on-ramp” will protect borrowers from the worst consequences of skipping student loan payments.“During this period, if you can pay your monthly bills, you should,” President Joe Biden said in a June 30 press conference. “But if you cannot, if you miss payments, this ‘on-ramp’ will temporarily remove the threat of default or having your credit harmed, which can hurt borrowers for years to come.
No progress toward loan forgiveness under income-driven repayment plans or Public Service Loan Forgiveness.The on-ramp is designed for the “most vulnerable borrowers,” the White House says. If paying your student loans will cause you to go into debt paying other bills, absolutely use the on-ramp, Stark says.
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