As of Sunday, borrowers across the country will once again have to start paying on their student loans after more than three years of forbearance.
While payments may begin on Sunday, everyone’s payment date will differ depending on their loan provider and the payment plan they are on.
With the restart of payments comes numerous questions, including how to check loan balances, ways to receive aid, and what will happen if you don’t or can’t make your payments.
The U.S. Department of Education’s StudentAid.gov has a comprehensive database for all federal student aid information.
The website provides more information on how to know who your loan provider is if you haven’t been contacted or figured it out already. Once you’ve identified your loan provider, borrowers can check and manage their payments and balances directly through them.
Borrowers can also apply for one of several repayment plans, including President Biden’s new income-driven repayment plan, the SAVE plan.
If you’ve already applied for your plan and aren’t able to afford your payment this month, don’t worry, the president has also put in place a new “on-ramp” program that will protect those who can’t make their payments until next year.
“During this period, if you can pay your monthly bills, you should,” Biden said in a press conference earlier this summer. “But if you cannot if you miss payments, this on-ramp temporarily removes the threat of default or having your credit harmed, which can hurt borrowers for years to come.”
For those who are interested in seeing if they qualify for debt relief or forgiveness, check out the Department of Education’s FAQ website here.
Teachers, government workers, those who were misled by their schools, and more qualify for loan forgiveness. To apply, visit StudentAid.gov here.
More than 28 million borrowers will now begin making payments on their loans after the Supreme Court struck down Biden’s one-time loan forgiveness plan, and the forbearance period was stopped as a part of debt ceiling negotiations between Republicans and Democrats.
While Biden has continued to pledge support for borrowers, no other plans on debt forgiveness have been shared at this time.