Federal Student Loan Payments Resume in October: What You Need to Know

"Federal student loans have been on hold for almost three years. This October, they’ll be coming back. Millions of Americans will now have to incorporate these payments back into their financial plans," NBC reports.

..."For some borrowers, this could be their very first time making these payments. Jill Desjean, Senior Policy Analyst at NASFAA.org, notes, 'People have been graduating. They've never actually been in that funnel of going through the repayment process. They may not know who their loan servicer is, which is the person you actually repay.'

To identify your loan servicer, visit studentaid.gov and navigate to your account dashboard. Seek out the 'My Loan Servicer' section and make sure all your contact details are current. As Jill Desjean recommends, 'I would also say set up auto debt from your bank account. That makes it much easier to not have to have that one more thing to remember every month that you need to make your student loan payment.'"

NASFAA's "Notable Headlines" section highlights media coverage of financial aid to help members stay up to date with the latest news. Articles included under the notable headlines section are not written by NASFAA, but rather by external sources. Inclusion in Today's News does not imply endorsement of the material or guarantee the accuracy of information presented.


Publication Date: 8/11/2023

View Desktop Version