蘑菇直播

Updated: July 10, 2023

The Supreme Court, on 6/30/23, has ruled against the Biden Administration’s Loan Forgiveness Program. The proposed cancellation of up to $20,000 in loan debt per student will not occur.

Regardless of the Court’s decision, loan payments that have been paused over the last 3 years due to COVID-19 will resume in October, 2023. Loan servicers are reaching out to their students at this time, informing them of the restart in loan payments in October.

How should I prepare for student loan payments to restart?

1. Make sure you know which  is yours.
2. Update your contact information in your profile on your loan servicer’s website and in your StudentAid.gov account.
3. Consider applying for an . An IDR plan can make your payments more affordable, depending on your income and family size. This summer, we will begin implementing the SAVE plan, which is our most affordable repayment plan ever. More information about SAVE can be found below. Borrowers signed up for the current REPAYE plan will be automatically enrolled in SAVE.
4. Review your auto-debit enrollment or sign up for the first time to automatically deduct your monthly payment from your bank account. To do so, log in to your loan servicer’s website or contact your loan servicer directly. If you were enrolled in auto-debit before the payment pause and you would like to resume when payments resume, you need to confirm your auto-pay enrollment with your student loan servicer if you haven’t already done so.