GREENSBORO, N.C. — With or without the Supreme Court ruling on Student Debt Loan Forgiveness, the pause on student loans was coming to an end. The interest on student loans resumes on September 1, 2023. Student loan repayments resume in October.
Now you're asking, how much will the monthly payment be? How will I know when it's due?
StudentAid.gov is the official website for all federal student loans.
This is where you will find all the information you need. There are four steps to preparing for repayment and they all start with StudentAid.gov.
#1 Update your profile and contact information on your loan servicer's website and your StudentAid.gov profile. This is going to make sure you know who your loan servicer is (many loans were transferred to different companies over the last three years) and your loan servicer is the one who has the information on what your payment is expected to be and when it will be due.
#2 Review your payment enrollment or sign-up. Your banking info may have changed, so double-check this.
#3 Look at the loan simulator and find a repayment plan that works for you.
#4 Would an Income-Driven Repayment plan help? You can look at applying for an IDR.
HOW WILL YOU KNOW WHEN YOUR PAYMENT IS DUE AND THE AMOUNT?
Once the payment pause ends, you'll receive a billing statement or a notice at least 21 days before your payment is due.
This notice will include your payment amount and due date.
That's why it's so important you update your information. Again, it's StudentAid.gov. This is the one source. It is free. You don't have to pay to get information on your student loan.