2/28/2024 0 Comments Student loan payment arrangements![]() Photographer: Simon Simard/Bloomberg via Getty Images Simon Simard/Bloomberg/Getty Images/FileĪre you ready to start repaying your student loans? The US Supreme Court effectively barred universities from using race as a factor in university admissions, marking the start of a new era in higher education and rolling back decades of precedents. Widener Library on the Harvard University campus in Cambridge, Massachusetts, US, on Saturday, Aug. ![]() ![]() Unless a borrower made optional payments or other changes to their account, like consolidating their loans, federal student loans were essentially frozen in time. Generally, borrowers can expect their monthly payment to be the same as it was before the pandemic pause. Will my payments be the same as before the pause? Now, interest rates, which are fixed and vary by loan, have returned to the same rate they were before the freeze. Interest started accruing again on September 1, after rates were effectively set to 0% since March 2020 for federal student loans. Those who graduated in the spring do not have to make payments until the grace period expires, usually six to nine months after leaving school. Here’s what borrowers need to know:įor most borrowers, the first payment will be due sometime in October – but not everyone has the exact same due date.īorrowers can expect to receive their bill, listing their payment amount and due date, at least 21 days beforehand. Restarting payments all at once for so many borrowers will be an unprecedented task. The pandemic-related pause, which went into effect in March 2020, provided relief to nearly 44 million borrowers by freezing their accounts.Īfter several extensions by both the Trump and Biden administrations, the pause has finally expired after Congress prohibited the president from extending it another time. For the first time in more than three years, federal student loan borrowers will be required to pay their monthly student loan bills starting in October.
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