Monthly payments and interest accrual on federal student loans have been paused since March 2020, but repayment is slated to resume in October 2023. Borrowers who have graduated or left college will need to prepare for their repayment obligations.
This does not apply to currently enrolled students or students within their six-month grace period upon graduating or leaving school. Use the information below or contact your student loan servicers, via studentaid.gov, for assistance relating to repayment.
How to Prepare for Successful Student Loan Repayment
- Use your FSA ID to login to studentaid.gov - Your FSA ID (the same you used to complete your FAFSA) will include a username and password. Once logged in, update your personal information and confirm your student loan servicer.
- Confirm your student loan servicer - Your servicer may vary depending on the type of loan you have. If you don’t know who your servicer is, log on to studentaid.gov and visit the “My Loan Servicers” section of your dashboard. Please note 44% of borrowers have a different loan servicer than before the pandemic. Be sure to identify your servicer(s) via studentaid.gov.
- Log in to your loan servicer account and update your contact information - Create an account or log in to an existing one via the servicer’s website. Review and update your personal contact information, including your email and mailing address, so your servicer can reach you.
- Reauthorize or select auto debit for monthly payments - If you were previously signed up for automatic debit before the payment pause began, you must reauthorize or select automatic debit through your loan servicer account. This will allow your loan payments to be automatically withdrawn from your bank account every month.
- Review payment due date and amount - Make note of your monthly payment amount and the date your first payment will be due, and update any changed banking information to ensure you either proactively make a payment by the deadline or are prepared for the funds to be drawn down by auto debit.
Frequently Asked Questions
What should I do if I don't think I can make my student loan payment?
Contact your student loan servicer to discuss different payment plans and relief options. You can find information about your student loan service by logging in to
studentaid.gov. Be sure to contact your servicer before you miss a payment. Depending on your income and situation, there are payment plans where you could pay as little as $0 per month. You may also qualify for a student loan deferment or forbearance. The key is to contact your servicer for all of your options.
What should I do if I can't log in to studentaid.gov?
Contact 1-800-4-FED-AID (1-800-433-3243) for log in help. Federal Student Aid can also provide you with loan servicer info.
How do I find information on the different loan repayment plans that are available?
You can read more about loan repayment plans at
studentaid.gov/manage-loans/repayment/plans. Use the Loan Simulator to explore what different monthly payment amounts could be under each plan.
In July, the Department of Education introduced the SAVE Plan for loan repayment. Borrowers are encouraged to talk with their servicers about the SAVE Plan as it does have many benefits, including a higher protection of discretionary income, which could reduce monthly loan payments.
