CENTRAL COAST, Calif. – Student loan payments are set to restart nationwide on Sep. 1 with the first payments due in October of this year after a three-year pause.
According to the Department of Education's Federal Student Aid webpage, borrowers should expect their bill 21 days before their due date.
There may be some differences this cycle including new loan servicers as well as opportunities to alter your payments.
One of those new opportunities for student loan borrowers include the Saving on a Valuable Education or SAVE Plan, an income-driven repayment plan based on borrower income and family size.
The Biden-Harris Administration estimates that up to 20 million people could benefit from the additional savings options.
The multi-year pause on student loan payments originated as part of the federal response to the COVID-19 pandemic.