Interest on federal student loans resumes on September 1, 2023, and payments are due throughout October.
The recent passage of the debt ceiling bill codified the start date for student loan payments. Payments and interest were paused on federally held student loans starting in March 2020, but the pause officially ended on August 30, 2023. Interest resumed in September and payments are due throughout October. Your loan servicer will notify you of your due date and payment amount before your payment is due.
If you are concerned about your ability to begin making monthly payments, then enrolling in an eligible income-driven repayment (IDR) plan is an important option. IDR plans set your monthly payment at an amount that is relative to your income. For example, if you are unemployed or have reduced hours at work, you could be eligible for as low as a $0 payment for up to the next 12 months, even if you get your job back or return to full working hours.
For tips on preparing to make payments please click here.
For information on all available repayment plans please click here.
Find the official Department of Education guidance regarding all coronavirus relief efforts here.