Average law school debt has skyrocketed to $160,000, which has made it financially difficult for many law school graduates to realistically consider even the possibility of starting a family. Student loan borrowers received some relief during the COVD-19 pandemic when federal student loan payments were suspended, but affected borrowers are now expected to resume making regular payments beginning in October 2023.
The student loan payment pause was originally put into place by Congress in March 2020 at the outset of the pandemic, and then extended by both the Trump and Biden Administrations to assist borrowers during an unprecedented time of economic turmoil and uncertainty. Now that the global health crisis has been largely contained, the federal government decided to sunset the moratorium on student loan payments. As such, it is important for borrowers to understand that the accumulation of student loan interest on their federal student loan debt resumed on September 1, 2023, and payments will once again be due starting in October.
The American Bar Association (ABA) understands that thousands of student loan borrowers, including many new attorneys, have questions and concerns about their repayment plan options as the forbearance period that lasted over three years quickly draws to a close.