Student loan repayments will resume in October — and interest will continue to accrue — even if the federal government shuts down.
for student loan repayments. The SAVE plan is a revised version of the previous Revised Pay As You Earn Repayment Plan IDR plan.
The SAVE plan was designed to reduce borrowers’ monthly payments by half, allow many borrowers to make $0 monthly payments and ensure borrowers don’t see their balances grow from unpaid interest, according to the White House.if you’re unable to make payments right away when they resume in October. You don’t need to request or enroll in the on-ramp period if your loans were eligible for the payment pause.
During the on-ramp transition period, payments are still due, and interest will continue to accrue, but borrowers who fail to pay will not be reported as delinquent to national credit reporting agencies. The on-ramp transition period runs from Oct. 1, 2023, to Sept. 30, 2024. “This on-ramp period protects borrowers from having a delinquency reported to credit reporting agencies. This prevents the worst consequences of missed, late or partial payments,” Federal Student Aid says on itsIn an email, TISLA president Betsy Mayotte told VERIFY “it’s important for borrowers to know that even though they aren’t reporting delinquencies during the on-ramp, not paying could still end up negatively impacting their credit.
VERIFY reached out to the U.S. Department of Education and the U.S. Office of Management and Budget but did not hear back by the time of publication.
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