Debt Ceiling Deal Includes Student Loan Debt Payment Pause.

Debt Ceiling Deal Includes Student Loan Debt Payment Pause
An “agreement in principle” between President Joe Biden and House Speaker Kevin McCarthy would raise the nation’s legal debt ceiling, but now Congress has only days to approve a package that includes spending cuts and would avert a potentially disastrous U.S. default. (May 28)"

On May 28th, 2021, United States lawmakers reached an agreement on a debt ceiling deal that, among other things, includes a payment pause on student loan debt for borrowers.

This pause will allow borrowers to temporarily suspend payments on their student loans without fear of accumulating interest, which could save them money in the long run.

The deal, which was struck between both Democrats and Republicans, also includes an extension of the current debt limit and a provision for additional spending on infrastructure.

This deal is a major victory for student loan borrowers, who have long been burdened with debt and are struggling to make payments while understanding the financial strain of the pandemic.

The agreement will provide borrowers with a much-needed break from their student loan payments and give them the opportunity to focus on other financial goals.

In addition, the debt ceiling agreement also includes a number of other provisions that will benefit the American economy, such as an extension of the current debt limit, additional spending on infrastructure, and the creation of a bipartisan committee to address the nation’s long-term debt challenges.

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