Make a Plan to Start Repaying Student Loans

The pandemic-era pause on student loan repayments is scheduled to end September 30. If you can’t afford payments, you have options.

photo illustration of grad cap and money
(Image credit: Getty Images)

In an effort to provide economic relief during the pandemic, the federal government suspended payments on federal student loans last year, with no interest accrual on loan balances. The moratorium was extended a couple of times, but now that the pandemic has subsided and the economy is recovering, the pause is set to expire on September 30. Loan servicers planned to start notifying borrowers in August about the date their payments will resume.

Time to refinance? In addition to a notice from your loan servicer, you may receive fliers or e-mails from private lenders offering to refinance your student loans at interest rates as low as 2.5%.

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Emma Patch
Staff Writer, Kiplinger's Personal Finance

Emma Patch joined Kiplinger in 2020. She previously interned for Kiplinger's Retirement Report and before that, for a boutique investment firm in New York City. She served as editor-at-large and features editor for Middlebury College's student newspaper, The Campus. She specializes in travel, student debt and a number of other personal finance topics. Born in London, Emma grew up in Connecticut and now lives in Washington, D.C.