Student Loans To Begin Repayment October 2023

On August 31, 2023, the COVID-19 student loan payment pause will end. This means you are required to make your monthly student loans payments. To provide all borrowers with a standard amount of time to prepare to transition into repayment, the U.S. Department of Education (ED) has directed loan servicers to apply an administrative forbearance to all student loan accounts for the month of September 2023.

What You Need to Know

As a result of this forbearance, first payments will be due in October 2023.  Student loan servicers will send you a billing statement with your payment due date and amount at least 21 days before your first payment is due.  Your student loan servicer should have already reached out to anyone who is about to restart their payments.

Am I Affected

The only people who will restart their loan payments are those persons who are currently not enrolled in a degree seeking program for at least 6 credits.  Parents and graduate students who have taken out PLUS Loans, if you selected to not have your payments deferred until after graduation will also begin repayments starting in October 2023.

Links
Find your Student Loan Servicer
Preparing for Payments to Restart