Student loan payments go on pause for millions of borrowers

Personal finance

U.S. President Joe Biden is flanked by U.S. Secretary of Education Miguel Cardona as he speaks about administration plans to forgive federal student loan debt during remarks in the Roosevelt Room at the White House in Washington, U.S., August 24, 2022.
Leah Millis | Reuters

The Biden administration is pausing student loan payments for about 3 million borrowers who are enrolled in its new repayment plan, as it defends the program in court against Republican-backed lawsuits.

Those who have signed up for The Saving on a Valuable Education, or SAVE plan, and have a monthly payment above $0 will not owe anything on their debt for the time being, the U.S. Department of Education told CNBC.

This is breaking news. Please check back for updates.

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