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:
|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.