To make the U.S. student loan system more manageable and to ease financial burdens, the Biden Administration announced in August a one-time student loan debt relief plan for borrowers of federal student loans targeted to low- and middle-income families.

The CARES Act suspended payment obligations from March 13, 2020, through September 30, 2020 (referred to as the “forbearance period”), and most federal student loans will have a zero percent interest rate during this forbearance period.