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When Do Student Loan Payments Resume Again?

After a 3-year break from paying student loans, millions of Americans will resume paying off their college debts, starting in October.

The Biden and Trump administrations issued eight extensions on a forbearance program, but Congress passed a bill ensuring there will be no more pauses on student loan repayment, so borrowers should prepare to tackle the upcoming monthly payment.

When Will Student Loan Payments Resume?

The Department of Education (DOE) posted a notice on its website June 13 that said:

“Student loan interest will resume starting Sept. 1, 2023 and payments will be due starting in October.”

That snipped was more specific than the notice the Biden Administration issued last year saying payments would resume 60 days after June 30. Congress forced the administration’s hand when it passed the debt ceiling deal on June 2 laying out provisions that would ensure no further payment extensions.

When Is the First Student Loan Payment Due?

The Department of Education press release didn’t give a specific due date in October, but it’s likely to be Oct. 1.  The DOE press release said it would “notify borrowers well before payments restart.” The DOE says borrowers will be notified at least 21 days before payment is due and the notice will include payment amount and due date.

With that said, shortly after Biden’s Student Loan Forgiveness Plan was rejected, he announced a 12-month “on-ramp” period to repayment. A statement from the White House said that from October 1, 2023 to September 30, 2024, financially vulnerable borrowers who miss monthly payments will not be considered delinquent, reported to credit bureaus, placed in default, or referred to debt collection agencies.

How to Make the First Student Loan Payment

The first step you should take is contacting your loan servicer to confirm your loan details. You can use this information to determine how much you will need to set aside each month to pay back your loan. You may have to cut back on certain expenses to make room for the new student loan payment. Find your loan servicer by logging into and viewing your dashboard or call the Federal Student Aid Information Center at 1-800-433-3243.

What to Do If You Can’t Afford Your Student Loan Payments

A new income-based payment plan aims to make it easier for borrowers struggling to pay their bill each month. Instead of paying 10% of their discretionary income a month, under the new Revised Pay as You Earn Repayment Plan, borrowers would be required to pay 5% of their discretionary income toward their undergraduate student loans. The new rule would also wipe out remaining debt after 10 years, for borrowers with balances less than $12,000. According to the U.S Department of Education, a typical graduate of a four-year public university would save nearly $2,000 a year relative to the current REPAYE plan.

The Education Department’s loan simulator tool allows you to input your existing information, such as income and family size, and then helps to calculate your potential monthly loan payments. From there, you can select between different repayment options and read more about how to move forward.

Bents Dulcio writes with a humble, field-level view on personal finance. He learned how to cut financial corners while acquiring a B.S. degree in Political Science at Florida State University. Bents has experience with student loans, affordable housing, budgeting to include an auto loan and other personal finance matters that greet all Millennials when they graduate. He has a prodigious appetite for reading, which he helps feed with writing from Scottish philosopher Adam Smith, the “Father of Capitalism.” Bents writing also has been published by JPMorgan Chase, TheSimpleDollar and

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