When do student loan payments resume / restart? Student loan resumption is a process that allows students to resume their loan payments after a period of suspension or deferment. It is a great way for students to get back on track with their loan payments. Doing so will help avoid defaulting on their loans. This article will explain when student loans resume, the eligibility criteria, and the repayment options available.
Student Loan Resumption
Student loan repayments resume 60 days after June 30 or around September 1, 2023. Student loan resumption occurs when a student resumes their loan payments after a period of suspension or deferment. The student must contact their loan servicer and provide them with the necessary documentation to resume their loan payments. Depending on the loan type, the loan servicer may require additional forms and documents to be filled out before the loan payments can be resumed.
The loan servicer will then review the documents and determine if the student is eligible for loan resumption. Once the loan servicer approves the student’s request, the loan payments will resume. The student will then be responsible for making the loan payments in a timely manner.
Eligibility Criteria
To be eligible for student loan resumption, the student must meet certain criteria. The student must be current on their loan payments. Also, must not have any loan delinquencies, and must not have any loan defaults. Additionally, the student must have a good credit score and must have a steady source of income.
Additionally, loan servicer will also review the student’s financial situation to determine if they are able to make the loan payments. If the loan servicer determines that the student is unable to make the loan payments, they may deny the student’s request for loan resumption.
Repayment Options
Once the student has been approved for loan resumption, they will be responsible for making the loan payments in a timely manner. The student can choose from a variety of repayment options that are available. These options include the standard repayment plan, the graduated repayment plan, the extended repayment plan. Lastly, the income-driven repayment plan.
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Standard repayment plan requires the student to make a fixed monthly payment for the duration of the loan. The graduated repayment plan allows the student to start with a lower monthly payment and then increase the payment over time. The extended repayment plan allows the student to extend the loan term and lower the monthly payment. The income-driven repayment plan bases the student’s monthly payment on their income and family size.
Student loan resumption is a great way for students to get back on track with their loan payments and avoid defaulting on their loans. Students must meet certain eligibility criteria and have a steady source of income to be eligible for loan resumption. Once approved, students can choose from a variety of repayment options that are available.