No more freezing of accounts extension. While student loan payments resume today, interest rates have started to accrue last month. As some wondered if there would be a potential government shutdown to further suspend student loan payments resume, Congress voted Saturday to extend government funding instead, avoiding a shutdown for now.

Student Loan Payments Resume This October: Check Here For Pertinent Information! (Photo: BabeOnABudget)

What You Need To Know About Student Loan Payments Resume

Now that the student loan payments resumed, expect that you will be billed at least 21 days before your bill’s due date otherwise, you must contact your student loan servicer by logging into your account at the Federal Student Aid and tapping “My Loan Servicers”. It’s also recommended to update your information if you have moved especially since it’s been more than three years since student loan payments resumed. Upon logging in to your servicer, you can also check how much you owe and the date your payment is due.

READ ALSO: SAVE Now! Know More About Saving On a Valuable Education Plan

Student Loan Payments Resumed, What Plans You May Avail?

Student loan payments resume implies that while borrowers are automatically enrolled in the standard repayment plan, a 10-year schedule to pay off their debts, there are other student loan repayment plans that you may choose such as the Saving on a Valuable Education or SAVE, plan, the newest income-based repayment option of the Biden administration lowering or even eliminating monthly loan payments for more than 20 million borrowers.

READ ALSO: Biden’s New Student Loan Plan: Saving on a Valuable Education (SAVE)