Those who paid off their student loan debt during the moratorium will receive refund checks
About 8.8 million borrowers were trying to make progress in paying off their student loan debt during suspension of payment and interest. The break for the payment of student loans was implemented in March 2020 and has been extended several times since.
But the holiday is coming to an end soon, expires on 31 December 2022. Millions of borrowers hoped to take advantage of President Biden’s announced federal student loan forgiveness program.
The program stopped anyway when around 22 million had already signed up after an injunction was imposed by the courts due to a lawsuit by a handful of Republican states. But good news for those who have paid off their debt during the moratorium.
Bloomberg reports that despite the injunction, they will receive refunds as part of the covid-1[ads1]9 relief stimulus program.