Student Loan Repayment Restart
The United States Supreme Court issued a decision blocking the Biden Administration from moving forward with their one-time student debt relief plan.
This means that all Federal Direct Loan payments paused during COVID-19 will resume in October 2023!
For many students who have been granted forbearance due to COVID-19, this will mark the first time entering the repayment phase of your student loans.
How to Prepare for Student Loan Payments to Restart:
- Find Your Loan Servicer: Check studentaid.gov if you don’t know your loan servicer.
- Choose a Repayment Plan: Pick a plan that suits your finances. Explore options here.
- Check for Grace Period: Some loans have a grace period. Check how long yours is and if interest accrues.
- Create a Budget: Make a budget to cover loan payments.
- Explore Loan Forgiveness: Learn about forgiveness programs like PSLF or Teacher Loan Forgiveness here.
- Set Up Auto Payments: Simplify with automatic payments, potentially lowering interest. Contact your loan servicer to explore your payment options.
- Stay in Touch: Update your info and inform your servicer of any changes. Find your servicer here.