Many federal student loan payments restart Sept 2024. How to get ready

By Sasha Bulatskaya | Published on November 19, 2025

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Many federal student loan borrowers received a payment break during the COVID-19 pandemic, but the pause ended in October 2023. After a three-year payment pause, the U.S. Department of Education understood that many would need time to prepare their finances in order to resume loan payments. To help borrowers, the government announced an on-ramp period, during which borrowers would have until September 30, 2024, to start making federal student loan payments.

It’s important to note that borrowers who are currently enrolled in the SAVE Plan are exempt from this deadline for now. In light of the July 18th court ruling, the government has placed 8 million people who are on this income-driven repayment plan in interest-free forbearance while the case winds its way through the courts. For the latest update on the SAVE Plan, visit the announcements and events page on studentaid.gov.

In this post, we’ll discuss the federal on-ramp period, how it may have impacted your loans, and what you can do to lower your payments or pay off your loans faster.

When do you have to start paying student loans?

If you have federal student loans and took advantage of the payment pause, federal student loan repayment officially restarted in October 2023. However, the government activated a special forbearance program to help those who couldn’t afford to pay right away.

Student loan forbearance gave borrowers a break

While payment officially resumed in October, all borrowers who couldn’t make payments were automatically put into forbearance until September 2024. These borrowers’ loans still collected interest while in forbearance, but they got one more year of relief.

What is student loan forbearance?

Forbearance is a program that offers temporary relief from federal student loan payments. Usually, you need to sign up for it and go through an approval process with your loan servicer to show you’re eligible. But, because the pandemic was a rare event, the government put all federal loans in automatic forbearance and waived interest until October 2023.

What if I can’t afford my payments after September 2024?

You have three options if you’re still struggling to afford your federal student loans:

1. Apply for student loan deferment . Deferment is a temporary payment relief program to pause payments due to unemployment, economic hardship, cancer treatment, and other reasons, but interest will continue to accrue on your loans.

2. Ask for another forbearance . You’ll need to apply with your loan servicer and submit the necessary documents for them to evaluate your claim. One drawback of forbearance is that you can ask for it a limited number of times, so save it for when you really need it.

3. Sign up for an income-driven repayment plan. Some borrowers qualify for $0 payments under an income-driven repayment (IDR) plan, and these payments still count toward loan forgiveness, while loans in forbearance or deferment don’t.

How to get ready to start paying your loans

1. Know your servicer and loan balance

A student loan servicer is a company contracted by the government to help federal student loan borrowers with billing and other services. Before your first payment is due, visit your servicer’s website and check the due date, the payment amount, and anything else that may have changed on your loan.

How to find your servicer

There are two ways to find your servicer. First, you can log in to the Federal Student Aid website through studentaid.gov using your FSA ID and password. Once logged in, you should be able to see your servicer’s name. You can also use this website to view your loan balance, interest rates, and monthly payment amount.

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Source: https://studentaid.gov/manage-loans/repayment/plans/income-driven

2. Find out where your money is going

Start by reviewing your current financial status. Take a close look at your income, expenses, and any changes in your financial situation. Understanding your cash flow will help you plan for future student loan payments. You can create a simple budget to track your expenses, allowing you to see where your money is going.

Find areas where you can make cuts, but try to keep things that bring you joy. If you go to the gym, find out if there are community workout programs or running groups in your area. Many are free and have the added benefit of meeting new people. If you like to go out to dinner, consider hosting potlucks at home instead.

3. Consolidate or pay off other high-interest debt (if you can)

If you have credit card debt on multiple cards, find out if you can consolidate them into a single loan. Some companies also offer personal loans for debt repayment. These loans tend to have lower starting interest rates than credit cards. You can use them to pay off your balance and only have to pay one bill instead of multiple.

4. Understand your repayment options

Familiarize yourself with the different income-driven repayment plans for federal student loans. An income-driven repayment plan will base your payments on your family size and income. Many people find their payments greatly reduced, and all payments on these plans still count toward future student loan forgiveness. Check out this full breakdown of income-driven repayment plans.

5. Explore student loan refinancing

Refinancing your student loans could help you save money on interest and even lower your monthly payments. Do your research and compare rates from multiple lenders before you refinance. Conduct rate checks and find the lowest interest rate. At Earnest, you can check your rate in minutes without impacting your credit score and use our refinancing calculator to see if you’ll save.

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Keep in mind that you must meet certain eligibility requirements if you want to refinance a loan. Every lender uses different criteria, but generally, you’ll need to do a hard credit pull so they can view your credit report. Don’t forget that refinancing federal loans means losing federal protections like income-driven repayment plans and student loan forgiveness.

What if I have private student loans?

If you have private loans, there are a few ways you can tackle your student loan debt. Find out if your lender offers discounts for automatic payments, like the Earnest Auto Pay discount. If you choose deferred in-school payments, find out how long you have left in your grace period. Log into your account and check your future payments.

If you’re unemployed or have fallen on hard times, call customer service and explain your situation. Many lenders offer forbearance to help customers get back on their feet. At Earnest, we have a Skip-a-Payment benefit on all our loans. You can skip a payment once a year without any penalties.

You could also refinance private student loans for a lower interest rate. Some customers who refinance with Earnest qualify for both a lower rate and a lower payment. You can check your rate in minutes and find out if it’s worth it for you.

The earlier you prep, the better

Taking proactive steps and staying informed about your options can help you feel more secure. Preparing for student loan payments involves understanding your financial standing, exploring repayment options, and knowing which financial tools, such as refinancing, are available to you. This way, you can meet repayment with confidence instead of stress.

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About the Author

Sasha Bulatskaya

Sasha is the Senior Manager of Brand and Content at Earnest. She has been writing for ten years and has been focused on educational finance and financial aid for over three. Her passion for mission-driven companies brought her to Earnest in 2020, and she's been helping make student finance more accessible ever since. She strives to demystify personal finance and student loans to help borrowers make the best decisions for their financial situation.

Disclaimer

This blog post provides personal finance educational information, and it is not intended to provide legal, financial, or tax advice.