Navigating Student Loan Repayment: Essential Tips and Options

Federal student loan borrowers will resume making monthly payments starting in October, after a pandemic-related pause that began in March 2020. Interest will start accruing again on September 1, and borrowers can expect their monthly payment to be the same as before the pause. Income-driven repayment plans are available for those struggling to afford payments, and a new repayment plan called SAVE offers generous terms for lower-income borrowers. The government is providing an "on-ramp period" until September 2024, during which borrowers are shielded from certain consequences of missing payments. Borrowers who fell into default before the pause can apply for the Department of Education's "Fresh Start" program. The Supreme Court blocked President Biden's student loan forgiveness program, but the administration has made it easier to seek forgiveness through existing programs.