When Will Student Loan Payments Resume?
Student Loan Refinancing
The time to prepare is now.
Student loan repayments will officially resume in October. While the exact date won’t be the same for everybody, interest will begin accumulating again in September, and payments will resume shortly thereafter. It has been over three years since the pause, with the resumption comes a few things.
Student Loan Refinancing Could Save You Thousands
Choose from a range of refinancing options and receive a special rate discount. Medical resident and fellow programs are available.
With just a short time before the official resumption of repayments, here are three things you can do to prepare in the remaining time:
- Budget to resume your loan payments in October. Check your loan servicer account for the status of your repayment, including the amount and due date of your first payment, and start adjusting the amount you spend each month in order to prepare for the payments you’ll later have to make
- 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.
- 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 in October.
Learn more about student loan refinancing and check your rate today.
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