Government Policy and News

When Do Student Loan Payments Resume?

Quick answer

Federal student loan payments resume after September 1, 2023, with interest accruing from that date. Monthly bills start in October. Check with your loan servicer for specific due dates.

🚨 Attention, Student Loan Borrowers! 🎓 The Great Pause is Over 🕒

After a marathon three-and-a-half-year break, the federal student loan payment pause has crossed the finish line. Gear up, as interest on your student loan balances is back in the race from September 1, with monthly bills sprinting behind, starting in October. Don't get left behind! Check your loan servicer's website or reach out directly to snag your specific due date.

Missed the October payment? No worries, you've got a 12-month "on-ramp" safety net from October 1, 2023, to September 30, 2024. But remember, interest isn't snoozing – it's silently accumulating. President Biden's pro tip: Pay up if you can, to sidestep ballooning debt.

🔄 Recap Alert!

Federal student loan interest made its comeback on September 1. Your payments are due monthly based on your individual loan saga. Consult your loan servicer for the nitty-gritty details.

Flashback to March 2020: The interest-free payment siesta kicked off, courtesy of the pandemic, allowing borrowers to play hooky on payments without the interest monster growing.

🔍 Prep Steps for Repayment:

1. Spy on your loan servicer at 🕵️
2. Connect with them for the deets on payment amount, due dates, and customizable payment plan options.
3. Consider hitching a ride with an income-driven repayment (IDR) plan for a potentially lighter monthly payment load.
4. Peek at the shiny new SAVE plan, replacing the REPAYE plan, for extra pocket savings.
5. Got loans in pre-pause default? Enroll in the Fresh Start program to wipe the slate clean.

Loan Cancellation Update 🔄:

Biden's superhero move to forgive up to $20,000 per borrower hit a snag at the Supreme Court. Alternative legal pathways are being scouted, but it's a maze out there. Keep those payments rolling in the meantime. Psst, here's a secret: After 20 or 25 years of faithful repayment, you might just snag a golden ticket to loan forgiveness under the IDR account adjustment – and it's automatic for many long-term borrowers! 🎉