What to do before student loan payments resume
If you're like many Americans who have federal student loans, the pause in federal student loan payments may have brought some much-needed financial relief. However, Congress recently passed a law blocking any further extension of the payment pause, which means interest will begin accruing, and payments will be due once again – and soon.
The Department of Education officially announced that student loan interest will begin to accrue on Sept. 1, 2023, and payments will be due Oct. 1, 2023.
Here are some actions you can take now to make sure you’re on the best path forward once payments resume.
Ensure you’re on the right repayment plan for you
With so many different repayment plans and options that can help reduce your monthly federal student loan payments, it’s often hard to know which one is best for your situation. Being on the right repayment plan is not only going to impact your monthly budget, it’s also a key element when applying for student loan forgiveness.
Apply for Public Service Loan Forgiveness
As a full-time educator or school employee, your federal student loan debt could be forgiven before it’s paid off through Public Service Loan Forgiveness or PSLF. Navigating the PSLF process can be overwhelming and take time, so don’t wait until payments resume to make sure you’re on track for forgiveness.
We’re here to help
We help educators and school employees manage their student loans through our no-cost Student Loan Solutions program. It has online tools, resources and loan coaches that can help you determine your best repayment plan, find out if you qualify for federal loan forgiveness and get help applying for it if you do.
Don’t wait! Sign up for your complimentary Student Loan Solutions account today to find relief from student loan debt and take charge of your financial future.
The information provided here is for general informational purposes only and should not be considered a recommendation. Horace Mann's Student Loan Solutions program includes services provided by a third party. Horace Mann is a private, independent company not affiliated with the Department of Education or the federal government. Horace Mann does not negotiate, adjust or settle debts. No assistance provided by Horace Mann constitutes official action for purposes of student loan forgiveness programs or guaranteed results. Horace Mann’s Student Loan Solutions program terms are subject to change.