After about 42 months, the student loan payment hiatus is officially ending: Interest on federal loans begins accruing again in September, and monthly payments will become due in October.
To help borrowers with this transition, the Biden administration has provided some leeway for the first year after payments begin.
So if you miss a monthly payment from Oct. 1 to Sept. 30, 2024, you won’t be considered delinquent.
You’re more likely to find a payment plan you can afford.
The Biden administration recently opened up its more affordable income-driven repayment plan, SAVE, which pegs the size of your monthly payment to your income and family size.
Persons:
Biden, won’t, You’re