Government shutdown 2023

Government Shutdown 2023

How government shutdown 2023 could impact student-loan borrowers Congress has 13 days to fund the government. If not, the Education Department will shut down the same day student-loan payments resume.

Potential Impact on Student-Loan Borrowers

With the looming government shutdown in 2023, student-loan borrowers are bracing themselves for potential disruptions in their repayment plans. If Congress fails to fund the government within the next 13 days, the Education Department will shut down, coinciding with the resumption of student-loan payments. This could have significant consequences for borrowers who rely on these payments to manage their debt.

Uncertainty and Financial Hardship

The government shutdown not only affects the functioning of the Education Department but also creates uncertainty and financial hardship for student-loan borrowers. Without the necessary funding, the department may be unable to process loan disbursements, answer borrower inquiries, or provide the necessary support services. This can leave borrowers feeling helpless and struggling to navigate their repayment options.

Furthermore, the lack of government funding may also impact the availability of loan forgiveness programs and other financial assistance initiatives. This could hinder borrowers' ability to access crucial resources and potentially exacerbate their financial burdens.