Federal Student Loan Repayment Guidance
Federal student loan borrowers can expect to see the accrual of loan interest begin
September 1, 2023 and loan payments resume in October 2023 as a result of a debt ceiling
plan approved by Congress in June 2023. During the COVID-19 pandemic, a series of
federal student loan payment pauses suspended loan payments, dropped interest rates to 0 percent, and stopped the collection
of defaulted loans.
What will my payment amount be and when will it be due?
According to the Department of Education, a notice including your payment amount and due date will be sent at least 21 days prior to the payment due date. Borrowers are also encouraged to reach out to their loan servicer to get an estimate prior to receiving the notice.
How do I access my federal student loan account to make payments?
Borrowers can log into their Federal Student Aid account at studentaid.gov to view loan balances, loan servicer information, consolidate loans, and stay up to date on loan repayment and debt relief news.
What should I do to prepare for federal student loan repayment?
- Update your contact information on both your loan servicer and Federal Student Aid online profiles
- Review your auto-payment details or sign up for automatic payments through your loan servicer
- Don't wait — A recent reduction in federal loan servicers may cause an increase in wait times and delays.
- Use the Federal Student Aid Loan Simulator to identify a repayment plan that works best for you
- Consider signing up for an income-driven repayment (IDR) plan, which may make payments more affordable
- Beware of scammers — You should never pay for federal student loan support. Click here to report a scam.
Federal Debt Relief Information
Separate from the student loan payment pause initiative, student loan debt relief legislation that would provide up to $20,000 in loan forgiveness to borrowers who meet a certain set of criteria was also introduced during the pandemic.
However, the U.S. Supreme Court overturned Biden's federal student debt relief plan. Consider reviewing the FSA website for details about the newest income driven repayment plan called SAVE. Visit the Department of Education's webpage for updates.
How can I learn more about the federal debt relief plan?
Although the federal debt relief plan has been blocked by litigation, borrowers can learn more about what is being proposed on the Federal Student Aid website.
How can I learn more about other federal student loan forgiveness options?
There are still other loan forgiveness, cancellation, and discharge options available for those who qualify. You can read more about your options on our loan forgiveness and cancellation page as well as on the Federal Student Aid website.