As you may have heard, the U.S. Department of Education’s COVID-19 relief for student loans has recently expired. We’ve compiled important information to ensure you’re prepared for this change.
Important Dates
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September 1, 2023 - student loan interest resumed
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October 2023 - loan payments will be due–individual payment due dates will vary. Expect a bill in September with your payment due date and amount. This should arrive at least 21 days in advance of your due date.
Steps to Prepare
To ensure you’re ready and receive bills and other critical information in a timely manner, you should:
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Update your contact information on studentaid.gov and on your loan servicer’s website. If you’re not sure who services your loan, login to studentaid.gov to find out.
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Concerned about making your payment? Explore the existing and revised income-driven repayment plans (IDR), such as SAVE, to find options to lower your monthly payment and save on interest.
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Already on an IDR plan? Remember you may need to re-certify your income after the payment pause ends. Additionally, if your income or family size has changed, you will want to re-certify as soon as possible.
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Set up auto pay. If you haven’t been previously enrolled in auto pay, consider visiting your loan servicer online to sign up–it may earn you a discount on interest rate. Even if you were previously enrolled, it’s recommend to check in with your loan servicer to see if you need to re-enroll.
More questions? See studentaid.gov for answers to frequently asked questions and support tools.