Connections

Are you ready for student loan payments to resume this fall? We’ve pulled together all of the vital details you need to be ready for this transition. 

Key Dates 

• September 1, 2023 - Student loan interest begins accruing 

• October 2023 - Loan payments will resume, with payment due dates varying based on the individual. Look for a bill in September that will provide your payment amount and specific due date. This should arrive at least 3 weeks prior to your due date.

How to Get Ready

If you haven’t already, there are several things you should do to prepare for upcoming student loan payments:

1. Update your contact info: Log in to studentaid.gov and to your loan servicer’s website to update your contact information. If you’re not sure who services your loan, you can find out by logging into your account on studentaid.gov.

2. Consider payment options: Not sure if you can comfortably make your payment? Review all of the income-driven repayment plans (IDR) available to identify the best repayment plan for your needs. Keep in mind that the new SAVE plan can help eligible borrowers eliminate or lower their monthly payment, while saving on interest.

3. Recertify existing IDR plans: Check to see if you need to recertify your income before the payment pause ends. Keep in mind that if your income or family size has changed, you may be able to lower your monthly payment.

4. Setup automatic payments: If you haven’t used auto pay in the past, you should consider setting it up, as you can earn a discount on your interest rate. Additionally, if you’ve been enrolled previously, you should review your account to ensure you’re still enrolled in automatic payments.

If you still have more questions or concerns, visit studentaid.gov for responses to frequently asked questions and available support tools.