The student loan payment pause is ending for those students who are in repayment. This includes students who were in repayment prior to the pandemic, in school at the start of the pandemic or recently graduated. Interest resumes on September 1, and payments are due in October. Borrowers can lower their payments, even to $0, by enrolling in the new SAVE Plan.
Don't wait until a bill arrives in the mail. Be prepared by doing the following:
- Make sure you know which loan servicer is yours.
- Update your contact information in your profile on your loan servicer's website and in your StudentAid.gov account.
- Consider applying for an income-driven repayment (IDR) plan. An IDR plan can make your payment more affordable, depending on your income and family size. The SAVE Plan, which is the most affordable repayment plan ever, is available now. Borrowers who were signed up for REPAYE Plan will automatically be enrolled in the SAVE Plan.
- Review your auto pay enrollment or sign up for the first time to have your monthly payment automatically deducted from your bank account. To do so, log in to your loan servicer's website or contact your loan servicer directly. If you were enrolled in auto pay before the payment pause and would like to resume when payments resume, you need to confirm your auto pay enrollment with your student loan servicer if you haven't done so already.