{"id":1215,"date":"2023-08-31T15:20:22","date_gmt":"2023-08-31T15:20:22","guid":{"rendered":"https:\/\/financialaid.syr.edu\/financialliteracy\/?page_id=1215"},"modified":"2023-08-31T15:20:22","modified_gmt":"2023-08-31T15:20:22","slug":"all-about-loan-repayment","status":"publish","type":"page","link":"https:\/\/financialaid.syr.edu\/financialliteracy\/loan-repayment\/all-about-loan-repayment\/","title":{"rendered":"All About Loan Repayment"},"content":{"rendered":"

The U.S. Department of Education\u2019s COVID-19 relief for student loans is ending this year.\u00a0<\/span>Student loan interest will resume starting on Sept. 1, 2023, and payments will be due starting in October.<\/strong>\u00a0<\/span><\/p>\n

Important<\/span>: <\/strong>Syracuse University students who are enrolled at least half-time<\/strong> are eligible for in-school deferment<\/a>, and therefore not required to make payments on student loans while enrolled at least half-time.\u00a0<\/em><\/p>\n

Important Resources for Borrowers:<\/h2>\n

Repaying Student Loans for the First Time<\/a><\/p>\n

Get Out of Default with Fresh Start<\/a><\/p>\n

See Federal Loan Repayment Options with the Loan Simulator<\/a><\/p>\n

Identifying Your Loan Servicer<\/a><\/p>\n

Saving on a Valuable Education (SAVE) Repayment Plan<\/a><\/p>\n

\n

What do I need to do?<\/span><\/h2>\n<\/div>\n
\n
\n\n\n\n\n\n\n\n\n\n\n
\n
Recommended Action<\/div>\n<\/th>\n
\n
Instructions<\/div>\n<\/th>\n<\/tr>\n
\n
\n

Update your contact information.<\/b><\/p>\n

When:<\/b>\u00a0<\/span>As soon as possible<\/p>\n<\/div>\n<\/td>\n

\n
\n
\n

Explore affordable repayment plans.<\/b><\/p>\n

When:<\/b>\u00a0<\/span>As soon as possible<\/p>\n<\/div>\n<\/td>\n

\n
\n
\n

If on an income-driven repayment (IDR) plan, consider recertifying early.<\/b><\/p>\n

When:<\/b>\u00a0<\/span>As soon as possible<\/p>\n<\/div>\n<\/td>\n

\n
\n

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.<\/p>\n

However, consider recertifying for a lower payment if your income has decreased or your family size has increased.<\/p>\n

Recertify your IDR plan<\/a>.<\/p>\n<\/div>\n<\/td>\n<\/tr>\n

\n
\n

Enroll (or reenroll) in auto-pay.<\/b><\/p>\n

When:<\/b>\u00a0<\/span>As soon as possible<\/p>\n<\/div>\n<\/td>\n

\n
\n

Auto-pay is optional, but you\u2019ll 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.<\/p>\n

Note:<\/b>\u00a0<\/span>You likely\u00a0<\/span>need to reenroll<\/b>\u00a0<\/span>if you were enrolled in auto-pay before the payment pause.<\/p>\n

Log in to find your servicer<\/a>.<\/p>\n<\/div>\n<\/td>\n<\/tr>\n

\n
\n

Find out what your monthly payment amount will be.<\/b><\/p>\n

When:<\/b>\u00a0<\/span>August or September<\/p>\n<\/div>\n<\/td>\n

\n
\n

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.<\/p>\n

Visit your account on your servicer\u2019s website to see your payment amount once your bill has been sent.\u00a0<\/span>Log in to find your servicer<\/a>.<\/p>\n<\/div>\n<\/td>\n<\/tr>\n

\n
\n

Make your payment.<\/b><\/p>\n

When:<\/b>\u00a0<\/span>October<\/p>\n<\/div>\n<\/td>\n

\n
\n

If you\u2019re enrolled in auto pay,<\/b>\u00a0<\/span>make sure your linked bank account has sufficient funds by the due date.<\/p>\n

If you\u2019re not enrolled in auto pay,<\/b>\u00a0<\/span>make a payment on your service\u2019s website.\u00a0<\/span>Log in to find your servicer<\/a>.<\/p>\n<\/div>\n<\/td>\n<\/tr>\n

\n
\n

Check if you qualify for a type of loan forgiveness.<\/b><\/p>\n

When:<\/b>\u00a0<\/span>Anytime<\/p>\n<\/div>\n<\/td>\n

\n
\n

Forgiveness options exist for people who work in public service, people who can\u2019t pay due to a disability, those who were defrauded by their school, or those who enrolled in a school that abruptly closed, among others.<\/p>\n

Explore forgiveness programs<\/a>.<\/p>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n

\n
\n

\"Tips<\/p>\n<\/div>\n

\"Start<\/div>\n
\"Review<\/div>\n
\"Be<\/div>\n
\"Keep<\/div>\n
\"Stay<\/div>\n","protected":false},"excerpt":{"rendered":"

The U.S. Department of Education\u2019s COVID-19 relief for student loans is ending this year.\u00a0Student loan interest will resume starting on Sept. 1, 2023, and payments will be due starting in October.\u00a0 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…<\/p>\n","protected":false},"author":11,"featured_media":0,"parent":1186,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-1215","page","type-page","status-publish","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/financialaid.syr.edu\/financialliteracy\/wp-json\/wp\/v2\/pages\/1215","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/financialaid.syr.edu\/financialliteracy\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/financialaid.syr.edu\/financialliteracy\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/financialaid.syr.edu\/financialliteracy\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/financialaid.syr.edu\/financialliteracy\/wp-json\/wp\/v2\/comments?post=1215"}],"version-history":[{"count":1,"href":"https:\/\/financialaid.syr.edu\/financialliteracy\/wp-json\/wp\/v2\/pages\/1215\/revisions"}],"predecessor-version":[{"id":1216,"href":"https:\/\/financialaid.syr.edu\/financialliteracy\/wp-json\/wp\/v2\/pages\/1215\/revisions\/1216"}],"up":[{"embeddable":true,"href":"https:\/\/financialaid.syr.edu\/financialliteracy\/wp-json\/wp\/v2\/pages\/1186"}],"wp:attachment":[{"href":"https:\/\/financialaid.syr.edu\/financialliteracy\/wp-json\/wp\/v2\/media?parent=1215"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}