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Millions of borrowers may be eligible for a refund on student loan payments made during Covid

CNBC: “There’s good news for the millions of people with federal student loans who’ve made payments on that debt during the Covid pandemic: many of them will be eligible to get the money back. The U.S. Department of Education says that many borrowers eligible for President Joe Biden’s student loan forgiveness plan who made payments on their debt during the pandemic-era pause on the bills will automatically be refunded. The relief policy has been in effect since March 2020, and is scheduled to end Dec. 31. More than 9 million people made at least one payment on their federal student debt between April 2020 and March 2022, according to the government. The vast majority of borrowers haven’t made any payments, taking advantage of the suspension of the bills and accrual of interest. Here’s what borrowers need to know…”

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