Returning to Student Loan Repayment

Student loan interest resumed on Sept. 1, 2023, and payments will be due starting in October.

If you are a student loan borrower who is entering repayment for the first time, a borrower with federal student loans in default, or a borrower who was in repayment prior to the pause on student loan payments, interest accrual, and collections, use the resources below to prepare:

 

table
DESCRIPTION URL
RESTARTING PAYMENTS: studentaid.gov/restart
REPAYING FOR THE FIRST TIME: studentaid.gov/firstpayment
APPLY FOR THE SAVE PLAN*:  studentaid.gov/save
LEARN ABOUT REPAYMENT OPTIONS:  studentaid.gov/loan-simulator
LOANS IN DEFAULT:  studentaid.gov/announcements-events/default-fresh-start

 

 

*The Saving on A Valuable Education (SAVE) Plan

In August, the Department of Education launched the Saving on A Valuable Education (SAVE) plan, the most affordable student loan repayment plan ever offered to borrowers. Under this plan, borrowers making less than $15 an hour will not have to make any payments and all other borrowers will save more than $1,000 a year on their payments, compared to other IDR plans. Moreover, under these plans, borrowers’ balances will not grow due to unpaid interest.

More