The U.S. Department of Education’s COVID-19 relief for student loans is ending this year. Student loan interest will resume starting on Sept. 1, 2023, and payments will be due starting in October.
Important: Syracuse University students who are enrolled at least half-time are eligible for in-school deferment, and therefore not required to make payments on student loans while enrolled at least half-time.
Important Resources for Borrowers:
Repaying Student Loans for the First Time
Get Out of Default with Fresh Start
See Federal Loan Repayment Options with the Loan Simulator
Identifying Your Loan Servicer
Saving on a Valuable Education (SAVE) Repayment Plan
What do I need to do?
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Recommended Action
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Instructions
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Update your contact information. When: As soon as possible |
Update your contact info on StudentAid.gov. Also, update your contact info on your servicer’s website. Log in to find your servicer. |
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Explore affordable repayment plans. When: As soon as possible |
Compare repayment plans with Loan Simulator. An income-driven repayment (IDR) plan may be a more affordable option. IDR plans adjust your payment amount based on your income and family size. For your payment amount to be adjusted before your first bill, apply for an IDR plan as soon as possible. You will see your new payment when you apply, and it will be displayed on your servicer’s website when your first bill is sent. Apply for an IDR plan, including the new SAVE plan, the most affordable plan yet. Most borrowers who apply for the SAVE Plan by mid-August will have their new monthly payment amount reflected in the billing statement sent to them in September for their first payment in October. |
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If on an income-driven repayment (IDR) plan, consider recertifying early. When: As soon as possible |
If you were on an IDR plan before the payment pause, you have at least six months to recertify your income after the payment pause ends. Usually, this has to be done each year. However, consider recertifying for a lower payment if your income has decreased or your family size has increased. |
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Enroll (or reenroll) in auto-pay. When: As soon as possible |
Auto-pay is optional, but you’ll save 0.25% on your interest rate if you choose auto-pay. On auto pay, you’ll get a reminder ahead of each withdrawal. Sign up for auto-pay on your servicer’s website. Note: You likely need to reenroll if you were enrolled in auto-pay before the payment pause. |
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Find out what your monthly payment amount will be. When: August or September |
Your monthly bill in September will contain your payment amount. You may receive a disclosure from your servicer as early as August, letting you know your monthly payment. Visit your account on your servicer’s website to see your payment amount once your bill has been sent. Log in to find your servicer. |
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Make your payment. When: October |
If you’re enrolled in auto pay, make sure your linked bank account has sufficient funds by the due date. If you’re not enrolled in auto pay, make a payment on your service’s website. Log in to find your servicer. |
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Check if you qualify for a type of loan forgiveness. When: Anytime |
Forgiveness options exist for people who work in public service, people who can’t pay due to a disability, those who were defrauded by their school, or those who enrolled in a school that abruptly closed, among others. |
