It's been more than three years since federal student loan borrowers had to make regular monthly payments or face accumulating interest—and it's now more clear than ever that the student loan payment "pause" overwhelmingly benefited more affluent Americans.
Student loan payments and interest were temporarily put on hold by former President Donald Trump in March 2020, and that pause has been extended six times during the past three years. In November, President Joe Biden extended the pause until June 30 of this year—giving the Supreme Court time to review his proposal to forgive up to $20,000 in student debt for federal borrowers.
