Welcome back – or welcome, for our new students! – for the Fall 2023 semester! With all the excitement of a new semester, this is a reminder regarding the end of the Student Loan Payment Pause.
After years of the Federal Loan Payment Pause due to the COVID-19 Pandemic, no more extensions have been approved and this program is coming to an end. Interest on already disbursed unsubsidized federal loans will resume on September 1st.
If you haven’t yet, we highly recommend that you connect with your Loan Servicer – that way you can review your loans, ensure they have your correct contact information, and you know what your interest payments will be. Your loan servicer may have changed as well – you can find all of this information through Federal Student Aid. **For any students who have not taken out federal loans prior but have accepted unsubsidized loans for 23-24, we have not yet disbursed loans for the 23-24 school year. Once the fall disbursement is made, you’ll be able to access your federal loan information through FSA.**
For many students, interest accrual on their Federal Loans may be difficult to adjust to – especially for those who have been under the Pause the entirety of their enrollment. We urge you to plan ahead if you have not already done so and contact your Loan Servicer. Be wary of any organization that solicits you or wants you to pay a fee for its services in assisting you in understanding or setting up your federal loan payments.
