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Nearly 43 million student loan borrowers have enjoyed a break from their payments for more than a year. But that’s scheduled to change starting Oct. 1, when federal student loan payments are set to resume.

Most borrowers say they aren’t ready for that to happen. A recent survey of more than 23,000 student loan borrowers found that 90% aren’t prepared for payments to start up again.

The country may be on its way to economic recovery, but millions of borrowers are no better off than they were during the pandemic. That has many wondering whether President Joe Biden will extend federal student loan forbearance again. The answer: a big, fat “maybe.”

Advocates Push for Another Student Loan Forbearance Extension

As one of his first moves as president, Biden extended the federal student loan forbearance through Sept. 30 to give struggling student loan borrowers some extra breathing room. It was the third time the payment pause was extended since the initial six-month relief period was set by the CARES Act in March 2020. Now borrowers and some members of Congress are pushing for another extension.

Secretary of Education Miguel Cardona hinted at the possibility in June. "We are continuing conversations about if that's the best time," he told the Senate Appropriations Committee. “No announcements today, but we continue to have those conversations.”