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. 1. Know who your loan servicer is. 2. Update your contact information on your loan servicer's website and 3. Review your current and potential repayment plans. 4. Sign up for auto pay.

How to Prepare for Student Loan Payments to Restart:

  1. Find Your Loan Servicer: Check if you don’t know your loan servicer.
  2. Choose a Repayment Plan: Pick a plan that suits your finances. Explore options here.
  3. Check for Grace Period: Some loans have a grace period. Check how long yours is and if interest accrues.
  4. Create a Budget: Make a budget to cover loan payments.
  5. Explore Loan Forgiveness: Learn about forgiveness programs like PSLF or Teacher Loan Forgiveness here.
  6. Set Up Auto Payments: Simplify with automatic payments, potentially lowering interest. Contact your loan servicer to explore your payment options.
  7. Stay in Touch: Update your info and inform your servicer of any changes. Find your servicer here.