"The Supreme Court of the United States issued their decision to strike down the Biden Administration’s plan to cancel up to $20,000 of Federal Student Loan debt for borrowers. This decision will also start the clock on repayment and interest accrual that has been deferred since the nationally declared COVID-19 pandemic emergency.
Federal Student Loan borrowers who are enrolled in six or more credit hours will be automatically be placed into in-school deferment. Loan payments will not be required; however, interest accrual on Federal Direct Unsubsidized and Parent Plus Loans will begin again.
Loan repayment will begin September 1, 2023, for borrowers who have not been enrolled in at least six credit hours during the preceding six months.
The U.S. Department of Education has announced a year-long “on-ramp” into repayment. Late, missed, or partial payments from October 1, 2023, until September 30, 2024, will not be reported to credit bureaus, placed in collection, or result in default. Interest accrued during this period will not be capitalized until the September 30, 2024, end date.
Student borrowers can successfully prepare for repayment now."
Visit StudentAid.gov
Log into StudentAid.gov with your FSA ID
Update your personal information
Visit the “My Loan Servicers” section of the dashboard to see your loan servicer
Visit your loan servicer’s website
Log into your account or create a new account if you don’t already have one
Update your personal information including mailing and email address
If you were signed up for automatic payments before the payment pause, you will need to reauthorize the automatic payments
Update any banking information that may have changed
Make a note of your monthly payment amount and your payment due date
Make your payment by the deadline or be sure funds are available in your bank for automatic payments
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