Preparing for the Resumption of Student Loan Payments.

Federal student loan payments are set to resume in October after a more than three-year pause due to the COVID-19 pandemic. Interest rates on the loans will also begin accruing again on Sept. 1. The Department of Education will notify the more than 40 million student loan borrowers "well before payments restart." Borrowers who fail to make their student loan payments face delinquency and eventual default, which can come with stiff penalties. Experts encourage anyone concerned about being able to make their student loan payments to consider an income-based repayment plan or seek deferment or forbearance.