What you need to know as student loan payments resume

JACKSONVILLE, Fla. – In October, millions of borrowers will resume paying their student loans after payments were paused more than three years ago.

Interest started accruing on balances last month.

You should have received a billing notice at least 21 days before your payment is due. If you have not been sent a notice, contact your student loan servicer.

Related: Pay your student loans — not scammers

During the pandemic, some loan servicers changed, meaning you may be dealing with a different company now.

If you aren’t sure, you can find your servicer through Student-Aid.gov.

According to the Federal Student Aid Office, borrowers owe more than $1.7 trillion.

News4JAX spoke to a woman in Jacksonville who says the payments are an added burden while she is already struggling to make ends meet.

“I’m still trying to get a job and just moved to Jacksonville so it’s like kind of like against time because I need to get a job before that starts.

Borrowers are also encouraged to review their repayment plans.

If you are struggling to make your payment -- consider switching to a different plan.

The Federal Student Aid website has a “loan simulator” that helps you determine your monthly payment -- with each plan available.

Over the summer, President Biden introduced a 12-month grace period to help borrowers.

If you miss a payment you won’t be at risk of default and it won’t impact your credit score. But interest will continue to build up if you do miss a payment.

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