July 5, 2023
Student Loan Repayment Resumption is On the Horizon – Are You Prepared? Get Ready with AccessLex!
What you need to know:
- According to the Office of Federal Student Aid, federal student loan interest will begin accruing again on September 1, 2023, with payments due starting in October 2023.
How to prepare:
- Update your contact information with Federal Student Aid and your student loan servicer(s).
- Use the Loan Simulator to calculate student loan payments under available plans.
- Re-visit your monthly budget to determine your ability to shoulder your estimated payment.
- Apply for income-driven repayment, including the recently announced SAVE Plan, to lower payments based on your discretionary income.
How AccessLex can help:
- Check out our new webinar series lead by Accredited Financial Counselors – Ramping Up to Repayment as the Federal Student Loan Payment Pause Ends – and learn about strategies for resuming (or beginning) repayment.
- Schedule a free call through AccessConnex by AccessLexSM to speak with an Accredited Financial Counselor®, about your options and to formulate a plan for success.
- Review our new Ramping Up to Repayment page, including lots of other helpful resources and tools to get on track.
We recognize the difficult adjustment that the end to the payment pause may mean for borrowers, but we’re here to help. Check out our new resources and connect with us – we’re here for you!