Student loan payments resume in nine days as federal pause concludes.
Student Loan Borrowers to Resume Payments as COVID-19 Pause Ends
Attention all student loan borrowers! Get ready to start making payments again as the federal pause on student loan payments during the COVID-19 era comes to an end. Beginning next month, you’ll need to resume your payments.
The Department of Education has announced that borrowers will receive a notification 21 days before their payment is due, informing them of the amount owed and the due date.
Temporary On-Ramp for Borrowers
If you’re unable to start repaying your loans when payments resume in October, don’t worry. The Education Department has set up a “temporary on-ramp” until September 30, 2024. This means you won’t be reported as delinquent on your payments during this period.
Eligible loan plans for this temporary solution include direct loans, Federal Family Education Loan Program loans held by the Education Department, Federal Perkins Loans held by the Education Department, defaulted Federal Family Education Loan Program loans not held by the Education Department, and defaulted Health Education Assistance loans.
However, it’s important to note that while you won’t be reported as delinquent, missed or delayed payments may still impact your credit score, as credit scoring companies have their own criteria.
Grace Period for Recent Graduates
Good news for recent graduates! If you graduated in the spring, you won’t have to start making payments until your grace period ends. Typically, this grace period lasts for six to nine months after graduating from college, in addition to the “on-ramp” provided by the DOE.
So, get ready to tackle those student loan payments once again. Remember, payments are due, and interest will continue to accrue. Stay on top of your repayment plan to avoid any financial setbacks.
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