Federal student loan payments resume on the schedule set by the Department of Education, and you owe the full amount due even if you haven't received a bill yet.

After the payment pause that began in March 2020 ended in October 2023, federal student loans returned to standard repayment. If you have federal loans, your servicer will send you a bill before your first payment is due — usually 21 days before. You are responsible for paying on time regardless of whether you receive that notice. If you have private student loans, they never paused and have been due all along.

The amount you owe depends on your loan type, the repayment plan you chose, and how much you borrowed. Income-driven plans (like SAVE, PAYE, or IBR) calculate your monthly payment based on your current income and family size, and that amount may be lower than the standard 10-year plan. If you haven't chosen a plan or don't know which one you're on, your servicer will place you on the Standard Repayment Plan by default, which requires fixed payments over 10 years.

Key Takeaways

  • Your servicer will mail or email a bill before your first payment is due, but you are responsible for paying on time even if you don't receive it.
  • Income-driven repayment plans can lower your monthly payment if your income has changed since the pause began.
  • If you cannot afford your payment, you can request a deferment, forbearance, or switch to a different repayment plan before you miss a payment.
  • Private student loans were never paused and have been due throughout; contact your lender directly about your balance and payment terms.
  • Missing a payment triggers late fees and damage to your credit score, and can affect your ability to borrow in the future.

How to find your servicer and current loan balance

Your federal student loan servicer is the company that collects your payments. You can find out who services your loans by logging into the Federal Student Aid portal at studentaid.gov using your FSA ID. The site shows each loan, the servicer's name, your current balance, and your interest rate. You can also call the Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243) and they will tell you your servicer's name and contact information.

Once you know your servicer, contact them directly to confirm your payment amount, due date, and which repayment plan you're on. Most servicers let you set up automatic payments online, which ensures you don't miss a due date. If you have private loans, log into your lender's website or call the number on your loan documents to check your balance and payment schedule.

Choosing or changing your repayment plan

If you're on the Standard Repayment Plan and your income has dropped since 2020, an income-driven plan may lower your monthly payment. The four federal income-driven plans are SAVE (Saving on a Valuable Education), PAYE (Pay As You Earn), REPAYE (Revised Pay As You Earn), and IBR (Income-Based Repayment). SAVE is the newest and often results in the lowest payment; under SAVE, if you earn less than 225% of the federal poverty line, your payment can be as low as $0 per month.

To switch plans, log into your servicer's website or call them directly. You will need to provide recent income information — usually your most recent tax return or a statement of current income if your situation has changed since you filed. The plan change takes effect within one to two billing cycles. If you switch to an income-driven plan, your payment recalculates each year based on your income at that time, so your payment may go up or down depending on what you earn.

What to do if you can't afford your payment

If your payment is more than you can manage right now, contact your servicer before your payment is due. Do not wait until you miss a payment. Your servicer can place your loan in deferment or forbearance, which pauses your payments temporarily. Deferment and forbearance are different: deferment stops interest from accruing on subsidized loans, while forbearance pauses payments but interest continues to accrue on all loan types. Both options last up to 12 months at a time and can be renewed.

Alternatively, you can switch to an income-driven repayment plan, which may lower your payment enough to make it manageable. If you're in financial hardship, some servicers also offer temporary payment reductions. The key is to reach out to your servicer and explain your situation — they have options beyond simply collecting the full payment amount, but you have to ask before you fall behind.

How late payments affect your credit and loans

A payment is late if it arrives more than 15 days after the due date. Late payments trigger a late fee (usually $15 to $25 per loan) and are reported to credit bureaus, which damages your credit score. After 90 days of non-payment, your loan enters default, which has serious consequences: your entire loan balance becomes due immediately, your wages can be garnished, your tax refunds can be seized, and you lose access to federal student aid if you want to borrow again.

Even one missed payment can affect your ability to get a mortgage, car loan, or credit card in the future. If you've already missed a payment, contact your servicer immediately to discuss catching up. Depending on how far behind you are, you may be able to make up the missed payment in installments or request a temporary forbearance while you get current.

Understanding interest and how it affects your balance

Federal student loans have fixed interest rates set by Congress; these rates do not change over the life of the loan. Your interest rate depends on the type of loan and the year you borrowed. Undergraduate loans currently have a fixed rate of 8.5%, while graduate and PLUS loans are higher. Interest accrues daily on all loans except subsidized loans during certain periods (like while you're in school or in deferment).

When you make a payment, it first covers the interest that has accrued since your last payment, then the remainder goes toward principal. If your payment is very small or you're in forbearance, interest may accrue faster than you pay it down, which means your balance can grow even as you make payments. This is called negative amortization. Switching to a higher payment or an income-driven plan that covers accrued interest can prevent your balance from growing.

Private loans and what's different about them

Private student loans are issued by banks, credit unions, and other lenders, not the federal government. They were never paused, so if you have private loans, you've been making payments all along. Private loans have variable or fixed interest rates depending on your loan agreement, and rates are often higher than federal rates. Your lender sets the terms, including the repayment period and whether you can change your plan.

If you're struggling with private loan payments, contact your lender directly — they don't have the same options as federal servicers (like income-driven plans or forbearance), but many will work with you on a temporary payment reduction or hardship plan. Some private lenders will refinance your loan at a lower rate if your credit has improved since you borrowed, though refinancing federal loans into private loans is permanent and means you lose federal protections.

Frequently Asked Questions

What if I don't receive a bill from my servicer?

You are still responsible for paying on time. Log into your servicer's website or call them to confirm your due date and payment amount. Set up automatic payments so you don't miss a deadline. If your servicer has the wrong address or email on file, update it immediately so you receive future notices.

Can I pause my payments again if I'm having trouble?

The payment pause ended in October 2023 and is not expected to resume. However, you can request deferment or forbearance, which temporarily pauses payments, or switch to an income-driven plan that may lower your payment. Contact your servicer to discuss which option fits your situation.

What happens if I pay more than my minimum payment?

Extra payments go directly toward principal and reduce the total interest you pay over the life of the loan. There are no penalties for paying early or paying more than required. If you can afford it, paying extra is one of the fastest ways to reduce your balance and get out of debt.

Do I have to make payments while I'm back in school?

It depends on your loan type and enrollment status. If you're enrolled at least half-time, you may be able to request in-school deferment, which pauses payments on most federal loans. Contact your servicer and provide proof of enrollment. Private loans typically do not offer in-school deferment, so check your loan agreement.

Can my employer help me pay my student loans?

Some employers offer student loan repayment assistance as a benefit, usually up to $5,250 per year tax-free. Check with your HR department to see if your employer has this program. This is separate from federal repayment plans and can help you pay down your balance faster.