A Standard Plan first monthly payment of $363 could be $175 under a REPAYE Plan. This estimate was calculated using Loan Simulator.

6 Ways to Prepare for Student Loan Repayment to Begin Again – Federal Student Aid

Your month-to-month student loan funds will start once more after the COVID-19 emergency reduction ends. Here are six issues you are able to do to organize—and to make funds extra inexpensive if want be.


Make certain your contact data is updated in your profile in your loan servicer’s web site and in your StudentAid.gov profile. Wrong contact data may make you miss vital updates.


Once the cost pause ends, your loan servicer(s) will ship you a billing assertion or different discover. This discover will embrace your

  • cost due date,
  • upcoming curiosity, and
  • cost quantity.

Your cost might be due no earlier than 21 days after your servicer sends the billing assertion.

To discover out your upcoming cost quantity, log in to your loan servicer’s web site. If your servicer doesn’t present this information on-line, you’ll be able to name or e-mail your servicer.

If you don’t know who your servicer is or methods to contact them, observe these steps:

  1. Visit your dashboard.
  2. Find the “My Aid” part.
  3. Select “View loan servicer details.”

If you’ll be able to’t log in, name us at 1-800-4-FED-AID (1-800-433-3243) for loan servicer information.

Enrolled in Auto-Debit?

If you intend to repay your student loans by auto-debit, verify to be sure you are enrolled. Watch for information out of your loan servicer earlier than your funds begin once more.


A Standard Plan first monthly payment of $363 could be $175 under a REPAYE Plan. This estimate was calculated using Loan Simulator.
Changing your compensation plan could cut back how a lot you pay every month.

Your scenario could have modified through the COVID-19 emergency. Now is a good time to consider whether or not you’re on the very best compensation plan for you.

Use Loan Simulator to discover your compensation choices. Find information and recommendations on methods to use Loan Simulator.

Even if you happen to change your compensation plan now, you’ll be able to all the time change your plan once more later.

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The U.S. Department of Education gives a wide range of compensation plans. For instance, an income-driven compensation (IDR) plan relies on how a lot cash you make. Under an IDR plan, funds could also be as little as $0 per 30 days.

If you have a gross annual income of $40,000 or lower, you could save by switching to a REPAYE Plan. Visit Loan Simulator to explore estimates of how much you could save.
A Revised Pay As You Earn (REPAYE) Repayment Plan may prevent cash.


After understanding all of your compensation choices, it’s possible you’ll select to use for a selected plan. Or you’ll be able to ask to be positioned on the plan that leads to the bottom month-to-month cost quantity.

Are you already on an IDR plan, however your revenue modified lately? You can replace (recertify) your information to see if you will get a brand new, decrease cost quantity. Recertify by following these steps.

Visit the link above to find the steps to recertify an IDR plan.
Take steps to recertify your IDR plan.

Consolidating your federal student loans can also decrease your month-to-month funds. However, you need to think about the professionals and cons of consolidation to resolve if consolidation is best for you.

Consolidating several loans into one Direct Consolidation Loan results in a single, weighted interest rate and could result in a lower monthly payment.
Consolidation combines your loans and will end in a decrease month-to-month cost.


If you’ll be able to’t discover a compensation plan that works for you proper now, you’ll be able to request to briefly pause or decrease your funds by short-term reduction (deferment or forbearance). Before you make a request, use Loan Simulator to learn the way this short-term reduction impacts your loans and loan funds. Then contact your loan servicer to request a deferment or forbearance.

Remember, a traditional deferment or forbearance is completely different from the COVID-19 emergency cost pause. Interest can nonetheless accrue (add up) throughout deferment or forbearance. Deferment and forbearance additionally have an effect on loan forgiveness choices, equivalent to Public Service Loan Forgiveness or IDR plan forgiveness.


If you miss a cost, your loan turns into delinquent.

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If your loan is delinquent for 90 days or extra, your loan servicer will report the delinquency to the three main nationwide credit bureaus. Delinquency will have an effect on your credit rating, making it tougher to get credit.

After 270 days, your delinquent loan goes into default. When you default on a loan, right here’s what occurs:

  • You can lose your entry to extra student support.
  • The default standing will harm your credit rating.
  • The authorities can take
    • your tax refund,
    • a part of your Social Security advantages, or
    • as much as 15% of your paycheck

to repay your defaulted loan.