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Student loan payments are coming back: 5 things to know



Student loan payments return Sunday with hope, confusion and fear clouding the restart after a three-year pause.

The Biden administration is hoping to provide some relief to borrowers with a new income-driven repayment plan and an “on-ramp” repayment program, but the on-switch also comes as Congress is struggling to keep the government funded.

A shutdown could hurt student loan servicers already struggling to handle more than 45 million accounts getting turned on at once after a break that began in the early days of the coronavirus pandemic.

Here is what borrowers need to know as student loan payments begin:

Borrowers have an ‘on-ramp’ repayment option

While student loans are restarting, the typical consequences for missing payments will not be enacted until October 2024. The Biden administration is offering an “on-ramp” repayment option for the upcoming year that allows borrowers to miss payments with few financial consequences…


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