re: Rejoice debtors, Biden says student loans won't be considered delinquent until 9/30/2024

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However, borrowers will be spared from many of the usual consequences of missing a payment until October of next year.

For example, loans will not go into default and delinquencies will not be reported to credit reporting agencies, said higher education expert Mark Kantrowitz. Late fees won’t be charged, either.

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Since COVID, has interest been accumulating on these student loans, or did they defer interest too?

Also, are interest rates tied to the FED Funds rate or are they fixed depending on when the loan was taken out?

Some may be in for a shock when their interest rates have gone from 1-3% to closer to 5-8% with the Biden interest rate hikes.