Student Loan Repayment
Student loan repayments resume on October 1, 2023.
Because of legislation passed by Congress, the student loan payment pause is ending. Interest resumes on September 1, 2023 and payments are due in October. Make sure to communicate with your loan servicer to prepare for and resume repayment.
Resources
Find resources and information to prepare borrowers for repayment.
The Federal Student Aid website can help you start repayments and answer questions.
View instructional and informational videos from Federal Student Aid (studentaid.gov).
Use this toolkit to learn more about repaying federal student loans.
Explore temporary relief options through deferment or forbearance.
Avoiding Student Loan Scams
Your student loan servicer will provide you with free assistance. Never pay an outside entity to help with your student loans. If you don’t know who your servicer is, log into studentaid.gov and visit the “My Loan Servicers” section of your dashboard. Student loan servicers will always initiate communications with you via email, never by phone. You should never share personal information over the phone unless you initiated the contact.
Preparing for Student Loan Repayment
- Use your FSA ID to log in to StudentAid.gov
- Confirm your student loan servicer
- Log into your student loan servicer account and update your contact information
- Reauthorize or select auto debit for monthly payments
- Review payment due date and amount
- Use tools on studentaid.gov and servicer portals to ensure you’re in the best repayment plan for you
- Stay alert to avoid scams
How to pick the right repayment plan
- Log into your student loan servicer account
- Consider your repayment strategy and decide whether you need to change plans
- Research repayment options and confirm the best plan for you
- Once you’ve selected the right plan for you, log into your servicer portal or studentaid.gov to select your desired plan
What other programs exist to help with student loan debt?
Public Service Loan Forgiveness (PSLF)
If you wish to apply for the Public Service Loan Forgiveness (PSLF) program at some point in the future, you must be employed by a government or not-for-profit organization, and in an Income Driven Repayment (IDR) plan.
Fresh Start Initiative
“Fresh Start” is a Department of Education initiative to help delinquent and defaulted borrowers enter back into repayment in good standing. This initiative will help millions of borrowers re-enter repayment without any balances that are past due. Borrowers will once again be eligible to receive federal student financial aid to help them complete their studies.
One-time Federal Student Loan Debt Relief
On August 24th, 2022, the Department of Education announced a plan for one-time student loan debt relief due to the COVID-19 pandemic. The proposal planned to cancel $10,000 in student loan debt for borrowers making less than $125,000 annually (or $250,000 annually as a family). Borrowers who received a Pell Grant while in college and also meet the income requirements may be eligible for up to $20,000 in forgiveness.
Following months of legal challenge, the Biden Administration’s one-time debt relief program was blocked by the Supreme Court in a decision handed down on June 30, 2023. While student loan repayment is set to resume in October 2023, the Department of Education has announced various initiatives relating to how the administration will handle the transition into repayment and that it will also pursue implementing the one-time debt relief program through the negotiated rulemaking process, which may not be finalized until after the presidential election of 2024. Regardless of any future efforts to implement a debt relief program, borrowers should prepare for repayment to resume by following the steps outlined above (such as confirming your contact information with your servicer and selecting the right repayment plan).