Student Loan Repayments: Here’s What To Do If Your Payments Have Been Reinstated

Students and alumni ask questions about student loan repayments. Payments are set to resume in October, and borrowers should start preparing now.

Student Loan Repayments ( Photo: CNET )

Renewed student loan repayments could shock more than 43 million borrowers with federal loans

Millions of American people are facing the reality of student loan repayments starting on October 1st. President Joe Biden’s loan bailout plan was overruled by the U.S. Supreme Court on Friday. The plan, if realized, would eliminate up to $20,000 of federal student loan debt for qualifying borrowers.

After a three-year hiatus during the pandemic interest rates on federal student loan repayment will resume on Sept. 1 and payments will resume in October. A new student loan repayment could come as a shock to the more than 43 million borrowers who take out federal loans. Borrowers who graduated from school after 2020 will also need to prepare their first student loan repayment.

Families wonder how to proceed with student loan repayments

Financial planner Bradley Rosen, of Longevity Financial in Atlanta, said on Friday that people are worried about student loan repayments — not sure how they’ll be able to afford whatever the student loan repayment is going to be.

Next, make sure your student loan repayment service provider has accurate and up-to-date contact information. Student loan repayment start dates vary by loan administrator. So be sure to ask when your student loan repayments will resume and how much you will be paying each month after they resume.

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