The on-ramp repayment plan, designed to shield borrowers from penalties post-pandemic, will end on Sept. 30, reinstating consequences for missed or late student loans.
The expiration of the safety net protection is especially concerning as millions are newly facing economic consequences from late payments due to ongoing uncertainties.
Advocacy groups are displeased with the non-extension of the on-ramp period, emphasizing the need for extended protections amid financial instability among borrowers.
With over $1.5 trillion in federal student loans, the return of penalties weighs heavily as many borrowers are still recovering from pandemic disruptions.
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