Student Loan Repayment Restart
All student loan repayment plans have been on pause due to COVID-19 since March of 2020. Take these steps to get ready for your repayment plan to resume.
Borrowers: Do not take calls or respond to emails from parties you do not recognize.
For past student loan borrowers who are restarting their repayments, student loan interest accrual began again on September 1, 2023 and repayment will restart in October 2023. This means that you/your parents will need to begin making these payments again very soon.
Here are some tips to help you prepare for your loan repayment:
- Make sure your contact information is up to date with your loan servicer. Unsure who your loan servicer is? Log in with your FSA ID to view your account dashboard and check your loan servicers under ‘My Loan Servicers’.
- Compare & contrast potential repayment plans with the Loan Simulator tool. Contact your loan servicer directly with any questions about the loan repayment plans.
- Enrolling in auto-debit (i.e. payments that come out of your account electronically every month) can help keep you on schedule and out of default, and even possibly save you money! Ask your servicer to see if they offer any incentives, such as a lower interest rate, if you enroll in auto-debit. If you were previously enrolled, you may need to opt-in again, so be sure to double-check.
- Remember, interest rates were set at 0% during the COVID-19 federal loan repayment pause but will reset to the original rate once this pause ends on August 31, 2023. If you are not sure what your interest rate was, contact your loan servicer for more information.
- Your monthly payment amount may be different from what you were paying in March 2020. Contact your loan servicer directly to ensure you know exactly what your monthly payment will be beginning in October 2023.