The pause on federal student loan payments in place since the start of the pandemic is now over.
“Interest resumed accruing today after being on pause for 3.5 years,” said GreenPath Financial Wellness Partner Experience Manager Amber Miller.
Related: Federal student loan interest starts accruing Friday, Sept. 1: What to know
The pause helped borrowers pursue other financial goals.
“My husband and I both have student loans. We were able to buy our first home during this pause and been able to make some needed renovations on our house because we had that extra cash flow from month to month,” Miller said.
Tens of millions of Americans will start receiving student loan statements this month with a due date in October.
Bassam Romolino is one of those people.
“I knew it was coming back sometime. So, I did my best to save up money,” he said.
Miller said borrowers have options such as an income-driven plan.
“If you are stressed about this payment, go to studentaid.gov, use that loan simulator, see what your options are. Look at them side by side, you may be surprised how affordable that payment may be,” she said.
If payments are still going to be a challenge, Miller encourages borrowers to reach out to their loan servicer.
“They can’t help if they don’t know what is going on,” she said.