Student Loan Payments Are Back! What You Need to Know | The Financial Mirror

After a long pause due to COVID-19, federal student loan payments are restarting in October 2024. Interest has already begun accruing as of September 2023, and borrowers need to act now to avoid penalties and protect their credit scores. This video breaks down everything you need to know about the restart of student loan payments, including key deadlines, repayment options, and the consequences of missed payments.
We’ll explain how the end of the on-ramp period affects your student loans, how to avoid damaging your credit score, and what steps you can take if you’re struggling to make payments. Whether you're considering income-driven repayment plans (IDR), deferment, forbearance, or the Fresh Start program, we've got you covered.

Key topics covered in this video include:
- The October 2024 deadline for student loan repayment
- What happens when the on-ramp period ends in September 2024
- How missed payments can affect your credit score
- Options for borrowers who can’t afford payments, including IDR, forbearance, and deferment
- The Fresh Start program for defaulted loans and what to do before the deadline
- The political landscape around student loans and ongoing litigation

With millions of borrowers impacted by the restart, it’s critical to stay informed and take action. Don’t wait—learn how to manage your student loans effectively and protect your financial future.

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Article Links:
2020 Pause: https://trumpwhitehouse.archives.gov/presidential-actions/memorandum-continued-student-loan-payment-relief-covid-19-pandemic/
2021 Pause:
https://www.whitehouse.gov/briefing-room/statements-releases/2021/12/22/statement-by-president-joe-biden-extending-the-pause-on-student-loan-repayment-an-additional-90-days/
2022 Pause:
https://www.whitehouse.gov/briefing-room/statements-releases/2022/08/24/fact-sheet-president-biden-announces-student-loan-relief-for-borrowers-who-need-it-most/
2023 Continuation/Pause:
https://www.whitehouse.gov/briefing-room/statements-releases/2023/06/30/fact-sheet-president-biden-announces-new-actions-to-provide-debt-relief-and-support-for-student-loan-borrowers/
2023 Additional:
https://studentaid.gov/manage-loans/repayment/prepare-payments-restart

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