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For millions of Americans with student debt, the pause the federal government placed on loan repayment is coming to an end.

Payments are currently suspended, without interest, for most federal student loan borrowers through January 2022. This policy does not apply to private student loans.

Starting in February, the U.S. Department of Education will restart payments for those with education debt.

Repayments were paused close to two years ago following the COVID-19 pandemic outbreaks.

“The payment pause has been a lifeline that allowed millions of Americans to focus on their families, health, and finances instead of student loans during the national emergency,” said U.S. Secretary of Education Miguel Cardona. “As our nation’s economy continues to recover from a deep hole, this extension gives students and borrowers the time they need to plan for the restart and ensure a smooth pathway back to repayment.”

President Joe Biden has said that he is in support of canceling $10,000 in loans while other Democrats are seeking a $50,000 loan reduction.

Neither of these proposals has worked their way through Congress, so most Americans will likely be faced with repayments.

According to the U.S. Department of Education, if education debt was slashed by $10,000 student loan debt, the country would fall from $1.7 trillion to $1.3 trillion.

On the other hand, if $50,000 in debt is canceled out, the outstanding loan balances would fall to $700 billion, giving about 80% of borrowers a break.

If you are faced with student loan debt, The U.S. Department of Education offers a variety of repayment plans.

For example, an income-driven repayment (IDR) plan is based on how much money you make. Under an IDR plan, payments may be as low as $0 per month.

For more information on how to prepare for loan repayments, visit https://studentaid.gov/articles/6-ways-prepare-repayment-begin-again/.