Federal student loan payments have been on pause since March 2020. But soon that will change.
The U.S. Department of Education, which oversees a $1.6 trillion portfolio in federal student loan debt owed by about 43 million Americans, has posted a notice at the top of its student aid website, confirming when borrowers should start paying their bills again.
According to the notice, interest will kick in starting Sept. 1, but borrowers won’t need to make payments until October.
“Congress recently passed a law preventing further extensions of the payment pause,” the department said. “Student loan interest will resume starting on Sept. 1, 2023, and payments will be due starting in October. We will notify borrowers well before payments restart.”…