itemprop=description content=Millions of people who’ve graduated from college since mid-March 2020 have never had to make a federal student loan payment. But the interest-free pandemic payment pause is over. Interest on federal student loans resumed Sept. 1, 2023, and bills are due this month. Here are four tips to review before making your first student loan...
Millions of people who’ve graduated from college since mid-March 2020 have never had to make a federal student loan payment.
2. You can switch repayment plans if you can't afford the billThe standard federal loans repayment plan splits your balance into 120 fixed monthly payments over 10 years. If you took out a lot of money to pay for school, your payments under the standard student loan repayment plan could be more than you can afford. Borrowers are automatically enrolled in this repayment plan unless they select a different plan.
If you don't have a spouse or dependents and your income is $32,800 or less, you’ll qualify for $0 payments under SAVE while making progress toward IDR loan forgiveness — and interest won’t build up from month to month. If you earn more money, payments will be capped at 5% to 10% of your discretionary income.
The on-ramp is a “final safety net” to prevent the most vulnerable borrowers from defaulting on their student loans, says Michele Shepard, senior director of college affordability at The Institute for College Access & Success, a nonprofit that advocates for equitable and affordable higher education.
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