Student loan accounts held by the federal government will begin collecting payments and accumulating interest next month, ending a three and a half year pause on payment requirements for federal student loans.
In March 2020, the federal government announced that student loan payments and interest accumulation would be paused due to the effects of the COVID-19 pandemic. The pause essentially froze outstanding balances for federal student loans in place for three years as the pause was repeatedly extended.On Sept. 1, the pause will end, and interest on federal student loans will once again accumulate, and borrowers will have to resume monthly payments in October.
The pause on federal student loan payments officially ends on Sept. 1, per the U.S. Department of Education's Office of Federal Student Aid. At this point, borrowers will see interest begin to accumulate on their federal student loan balances. Borrowers are encouraged to visit their loan service provider website for more information and to make plans to resume payments before the October due date.The department says that borrowers will be given 21 days notice of the due date of their first student loan payments. Borrowers who enroll in auto-pay, will see their interest rate reduced by 0.25%.
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