Student loan repayments are restarting soon: Here's what you need to know

As the coronavirus pandemic forced millions into unemployment and financial uncertainty in March 2020, federal student loan payments were put on pause and interest rates were set at zero. In August, the Biden administration issued one more "final extension" of the federal student loan payment pause to January 31, 2022. But in February 2022, millions of borrowers will have to start repaying their loans once again – many for the first time in nearly two years.

More than 42 million people had federal student loans of some form as of fall 2021,...