As the moratorium on federal student loans ends, more than 40 million Americans are getting ready to make their first student loan payments in more than three years. Interest will begin to accrue on September 1, 2023, and the first payments will be due in October.

If you’re concerned about your ability to repay your loans or are worried about the impact repayment may have on your other finances, we may be able to help.

And if you’re unsure of how much your payments will be, the Federal Student Aid Loan Simulator will help calculate and estimate your loan repayments, and find your best payment plan.

Our financial coaches provide personal support by helping members find the best solutions to their financial situations. They’ll help you take a holistic view of your expenses and look for ways to lower your total monthly payments or spend less.

By working with a financial coach, you will:

• Complete a budget to get a clearer picture of your finances.
• Review goals.
• Develop an action plan.
• Receive additional resources.

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The return of student loan payments brings some changes to Federal Student Aid programs. The most notable changes include SAVE (Saving on a Valuable Education), an income-driven repayment plan that will eventually replace REPAYE (Revised Pay as You Earn); Fresh Start, a program for borrowers whose loans are currently in default; and the 12-month “on-ramp” for student loan payments.  

Income-driven repayment plans: There are four income-drive repayment plans, including the SAVE plan that will automatically replace REPAYE. Learn more or sign up for an income-driven plan. Those interested in SAVE should sign up for REPAYE.

Defaulted loans: If your loan was in default before the payment pause, the temporary Fresh Start program allows you to contact your loan provider to pull your loan from default by signing up for an affordable payment plan.

“On-ramp” for student loan payments: The on-ramp policy stipulates that borrowers who miss payments in the first 12 months of repayment will not be penalized with credit score deductions or with collection agencies. However, interest will continue to accrue and compound, so it’s best to try to avoid missing payments.

Public Service Loan Forgiveness: If you are a government or not-for-profit employee, you may be eligible for Public Service Loan Forgiveness after making 120 qualifying loan payments and working full time for an eligible employer.

Teacher Loan Forgiveness: Teachers may be eligible for up to $17,500 in loan forgiveness after teaching for five consecutive years in an eligible school and meeting additional requirements.

Total and Permanent Disability Discharge: If you are disabled, you may qualify for student loan forgiveness.

Other student loan pauses: Depending on your situation, you may be eligible for student loan deferment or student loan forbearance. Neither are good long-term solutions, but they may be helpful if you need short-term relief.