{"id":5725,"date":"2023-08-21T17:59:00","date_gmt":"2023-08-21T17:59:00","guid":{"rendered":"https:\/\/new.www.purdue.edu\/newsroom\/?p=5725"},"modified":"2024-07-16T18:02:23","modified_gmt":"2024-07-16T18:02:23","slug":"student-loan-repayments-to-restart-soon","status":"publish","type":"post","link":"https:\/\/www.purdue.edu\/newsroom\/2023\/Q3\/student-loan-repayments-to-restart-soon","title":{"rendered":"Student loan repayments to restart soon"},"content":{"rendered":"\n<p>Purdue employees and any former students with outstanding student loan debt should be preparing for the restart of federal student loan payments. After a three-year COVID-19 payment pause, student loans will begin accruing interest on Sept. 1, and payments will resume on Oct. 1.<\/p>\n\n\n\n<p>Several changes occurred during the payment pause, and borrowers should ready themselves. The Consumer Financial Protection Bureau says roughly 44% of borrowers now have a different loan servicer than before the pandemic. It is extremely important that borrowers update their contact information with&nbsp;<a href=\"https:\/\/studentaid.gov\/\" rel=\"noreferrer noopener\" target=\"_blank\">Federal Student Aid<\/a>&nbsp;(FSA) by logging in with their FSA-ID, or by calling the FSA Information Center at 800-433-3243. Borrowers should also re-establish communications with their&nbsp;<a href=\"https:\/\/studentaid.gov\/manage-loans\/repayment\/servicers\" rel=\"noreferrer noopener\" target=\"_blank\">loan servicer<\/a>.<\/p>\n\n\n\n<p>FSA has developed resources to direct borrowers who will be&nbsp;<a href=\"https:\/\/studentaid.gov\/manage-loans\/repayment\/prepare-payments-restart\" rel=\"noreferrer noopener\" target=\"_blank\">restarting payments<\/a>&nbsp;after the payment pause and to help borrowers about to start&nbsp;<a href=\"https:\/\/studentaid.gov\/manage-loans\/repayment\/repaying-first-time\" rel=\"noreferrer noopener\" target=\"_blank\">repaying loans for the first time<\/a>.&nbsp; Borrowers with loans already in default may wish to learn about the&nbsp;<a href=\"https:\/\/studentaid.gov\/announcements-events\/default-fresh-start\" rel=\"noreferrer noopener\" target=\"_blank\">Fresh Start for loans in default<\/a>&nbsp;program.<\/p>\n\n\n\n<p>Borrowers should be prepared for a long wait when contacting their loan servicers as there will be many other people contacting those resources. Everyone should also think about setting goals for repayment, consider creating a loan payment budget, and be on the lookout for&nbsp;<a href=\"https:\/\/studentaid.gov\/resources\/scams\" rel=\"noreferrer noopener\" target=\"_blank\">scams<\/a>.&nbsp; FSA and the borrower\u2019s specific loan servicer should be the main points of contact for loan repayment information.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Purdue employees and any former students with outstanding student loan debt should be preparing for the restart of federal student loan payments. After a three-year COVID-19 payment pause, student loans will begin accruing interest on Sept. 1, and payments will<\/p>\n","protected":false},"author":7,"featured_media":240,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[19],"tags":[],"department":[],"source":[29],"purdue_today_topic":[72],"coauthors":[10],"class_list":["post-5725","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","source-purdue-news","purdue_today_topic-general"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.purdue.edu\/newsroom\/wp-json\/wp\/v2\/posts\/5725","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.purdue.edu\/newsroom\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.purdue.edu\/newsroom\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.purdue.edu\/newsroom\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.purdue.edu\/newsroom\/wp-json\/wp\/v2\/comments?post=5725"}],"version-history":[{"count":1,"href":"https:\/\/www.purdue.edu\/newsroom\/wp-json\/wp\/v2\/posts\/5725\/revisions"}],"predecessor-version":[{"id":5727,"href":"https:\/\/www.purdue.edu\/newsroom\/wp-json\/wp\/v2\/posts\/5725\/revisions\/5727"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.purdue.edu\/newsroom\/wp-json\/wp\/v2\/media\/240"}],"wp:attachment":[{"href":"https:\/\/www.purdue.edu\/newsroom\/wp-json\/wp\/v2\/media?parent=5725"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.purdue.edu\/newsroom\/wp-json\/wp\/v2\/categories?post=5725"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.purdue.edu\/newsroom\/wp-json\/wp\/v2\/tags?post=5725"},{"taxonomy":"department","embeddable":true,"href":"https:\/\/www.purdue.edu\/newsroom\/wp-json\/wp\/v2\/department?post=5725"},{"taxonomy":"source","embeddable":true,"href":"https:\/\/www.purdue.edu\/newsroom\/wp-json\/wp\/v2\/source?post=5725"},{"taxonomy":"purdue_today_topic","embeddable":true,"href":"https:\/\/www.purdue.edu\/newsroom\/wp-json\/wp\/v2\/purdue_today_topic?post=5725"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.purdue.edu\/newsroom\/wp-json\/wp\/v2\/coauthors?post=5725"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}