The Biden administration extended the student loan pause until 60 days after either June 30, 2023 or the date the Supreme Court issues a ruling. If litigation is still ongoing by June 30, forbearance will be extended 60 days from that date, which would be the end of August.

While there’s still much uncertainty around the resumption of payments, there are steps you can take now to get ready.

1. Budget to resume your loan payments this fall. The Department of Education has instructed loan servicers to resume charging interest in September, with the first payments due in October.  Check your loan servicer account for the status of your repayment, including the amount and due date of your first payment.
2. If you can’t afford your monthly payment under the standard plan, you may want to consider alternate repayment options. The Federal Student Aid website offers a loan simulator tool that can help you determine which payment plan is most appropriate for you. Keep checking back for impending changes that might make payments even more affordable later this year.
3. Consider refinancing your student loans. Refinancing can help you manage your loans more efficiently, and in some cases, can save you thousands.

Take the time now to understand your student loan options so you can comfortably manage your loan repayments later this year.

Learn more about student loan refinancing and check your rate today.