Are your student loans restarting in a couple weeks? Let's make a plan
As of
September 1, 2023, student loan repayments will restart for most borrowers.
The Biden administration had extended the pause on student loan repayments through August 31, 2023.
But on April 27, 2023 it was announced that the government would no longer be extending the pause.
If you have federal student loans, you will need to start making payments on September 1, 2023, unless you qualify for an exemption.
There are a few exemptions that may allow you to delay repayment, such as:
- if you're still in school
- if you're unemployed
- if you're experiencing financial hardship
If you're not sure if you qualify for an exemption, contact your loan servicer.
You can also visit the Department of Education's website for more information on student loan repayment.
Here are some things to keep in mind when student loan repayments restart:
- Create a budget
Before repayment starts, make a plan for how you will afford your payments. This may include increasing your income, cutting expenses, or consolidating your loans. Learn how to make a budget here.
- Contact your loan servicer
If you have any questions about your student loans, contact your loan servicer. They can help you understand your repayment options and make a plan that works for you.
- Make your payments on time
It's important to make your payments on time, even if you're only making the minimum payment. Late payments can damage your credit score and make it more difficult to get a loan in the future.
- Consider refinancing your loans
If you have high-interest student loans, you may want to consider refinancing them. This could save you money on interest payments over the life of your loans.
Repayment can be a daunting task, but it's important to remember that you are not alone.
There are many resources available to help you, and you can always contact your loan servicer for assistance.