Federal Student Loan Repayment

Millions of federal student loan borrowers have had their federal student loan and interest payments automatically suspended during the Coronavirus pandemic pursuant to The Coronavirus Aid, Relief, and Economic Security (CARES) Act. Relief under the Act was extended several times throughout the pandemic. On August 31, 2023, that relief came to an end and there will be no more extensions. As a result, student borrowers need to prepare for repayment of their federal student loans. The Department of Education has announced that interest resumed on September 1, 2023, and payments will be due starting in October 2023.

What you need to know:

Need help finding your loan servicer? Find out HERE.

Need to prepare for loan repayment? Find information HERE.

Who is affected?

• Students that have graduated or are currently not enrolled in at least 6 credits in a degree seeking program.
• Parents and graduate students who have taken out PLUS loans, who selected to not have payments deferred until after graduation.
• Whether you are entering repayment for the first-time or reentering repayment, there are loan repayment plans available that may be helpful to you including updated income-driven repayment (IDR) plansthat can make your payments more affordable, depending on your income and family size. You might also be eligible for deferment or forbearance to temporarily stop or lower your payments. Talk to your loan servicer to find the option that is best for you.

SAVE Repayment Plan Offers Lower Monthly Payments

The Saving on a Valuable Education (SAVE) Plan, like other income-driven repayment (IDR) plans, calculates your monthly payment amount based on your income and family size.  The SAVE Plan provides the lowest monthly payments of any IDR plan available to nearly all student borrowers. Learn more here: https://studentaid.gov/announcements-events/save-plan