Should you keep paying off student loans during the pandemic? Student loan borrowers got a welcome gift in from the U.S. Department of Education—a temporary suspension of loan payments and a 0% interest rate amid the uncertain long-term effects of the pandemic. The freeze has since been extended four times (now lasting through ) and presents a big question for borrowers: to pay or not to pay? The freeze provisions to defer student loan payments under the CARES Act don’t apply to everyone with student loan debt.