Return To Loan Repayment
Student loan repayments that were paused as part of the Coronavirus Aid, Relief and Economic Security (CARES) Act in March 2020 are set to return to repayment after August 31, 2023. Find more information about the impact on federal loans as well as how borrowers can prepare for return to payment.
Federal Loans
On November 22, 2022, the U.S. Department of Education extended the 0% student loan interest rate and payment pause on federal student loans through August 31, 2023.
Federal Loans Impacted
The pause included the following relief measures for eligible loans:
- A suspension of loan payments
- A 0% interest rate
- Stopped collections on defaulted loans
Eligible Loans under the COVID–19 Loan Payment Pause and 0% Interest
- Direct Loans (defaulted and non–defaulted)
- Federal Family Education Loan (FFEL) Program loans held by ED (defaulted and non–defaulted)
- Federal Perkins Loans held by ED (defaulted and non–defaulted)
- Defaulted FFEL Program loans not held by ED
- Defaulted HEAL loans
Additional Information about the COVID–19 Loan Repayment Pause and 0% Interest can be found here.
Federal Direct Loans including Subsidized, Unsubsidized, Parent PLUS and Graduate Plus
- If your student loans are currently in deferment, interest will resume on any Unsubsidized, Parent PLUS or Graduate PLUS student loan.
How to Prepare for Repayment
Borrowers can prepare to return to repayment by completing the following steps:
Step 1:
Log in to their loan servicer’s website or mobile app to make sure their contact information is current. To find out who their loan servicer is, borrowers should visit their account dashboard—by logging in to StudentAid.gov/login—find the “My Aid” section, and select “View loan servicer details,” or call the Federal Student Aid Information Center (FSAIC) at 1-800-4-FED-AID (1-800-433-3243).
Step 2:
Use the Loan Simulator tool at StudentAid.gov/loan-simulator to make sure they’re on the best repayment plan, especially if their financial situation has changed during the COVID-19 emergency.
Step 3:
Contact their loan servicer to restart auto-debit, sign up for auto-debit for the first time, or understand the easiest options to make a payment. Direct Loan borrowers enrolled in auto-debit receive a 0.25% interest rate deduction on their loans.
Step 4:
Check their email and postal mail for student loan payment updates—including their monthly payment amount and due date—from their loan servicer and the U.S. Department of Education office of Federal Student Aid.
Frequently Asked Questions
Visit your dashboard on studentaid.gov.
Find the “My Aid” section.
Select “View loan servicer details”.
Contact your servicer.
Contact your servicer.
Visit your dashboard on studentaid.gov.
Find the “MyAid” section.
Select “View loan servicer details”.
If you can’t log in, call Federal Student Aid at 1–800–FED–AID (1–800–433–3243) for assistance or loan servicer information.
For many borrowers, your interest rate will be the same as it was before the 0% interest began. But some borrowers will find their interest rate has changed. For example, your interest may have changed if you consolidated your loans during the payment pause.
Contact your loan servicer for your exact interest rate. You may also be able to log in to your loan servicer’s site to find this information.