Student loan payments are paused for 3 million borrowers. Here’s what to know

Video above: Colleges introduce programs to help students graduate debt-freeThe pause comes after two federal courts temporarily blocked parts of a student loan repayment plan known as

lowers enrolled borrowers’ monthly payments and provides a faster route to debt forgiveness. It was launched by the Biden administration after the president’s sweeping, one-time student loan forgiveness program was struck down by the Supreme Court last summer.

, and none of them will need to make a payment in July.Roughly 3 million people will be put in a forbearance, the Department of Education said. During that time, payments will not be required and interest will not accrue.

may be eligible for student debt relief in a shorter amount of time than under other income-driven repayment plans.Those who borrowed $12,000 or less will see their debt forgiven after paying for just 10 years under application removedFor the next four to six weeks, borrowers will not be able to access online applications for any income-driven repayment plans, including

plan offers the most generous terms.

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