All federal borrowers are automatically enrolled in the standard repayment plan at first. Once you know who your servicer is, log into your account and see your repayment status. If you're not sure, you can log into your Federal Student Aid (FSA) account and scroll down to the "My Loan Servicers" section, or call the Federal Student Aid Information Center (FSAIC) at 1-80. Start by figuring out who your loan servicer is they probably contacted you when your loans were originally dispersed. If you graduated or left school between March 2020 and now, you may have never been required to make a payment on your federal student loans. But once you start, you'll want to stay on top of your payments. I've never made a payment on my student loans before. Your actual payment due date will depend on your loan servicer. The Department of Education (ED) has instructed loan servicers to prepare to resume charging interest on loans in September and expects payments to come due in October, according to documents obtained by Politico.
"Don't wait until you know just before payments are due again, start planning right now."
"Don't wait until this case is resolved," Barry Coleman, vice president of counseling and education programs at the National Foundation for Credit Counseling, tells CNBC Make It. While that gives borrowers a rough window of when payments will be due, your budget should be prepared to start making those payments at the earliest point.
Federal student loan payments are currently scheduled to turn back on 60 days after June 30, unless the Supreme Court rules on President Joe Biden's student debt forgiveness plan before then, in which case payments will resume 60 days after the ruling comes out.
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