Resumption of Student Loan Payments and Interest Accrual

Resumption of Student Loan Payments and Interest Accrual

June 27, 2023

The U.S. Department of Education has officially announced that student loan payments will resume in October, ending the three-year-long pause that was implemented due to the pandemic.

Starting September 1, interest will begin accruing on your student loan debt. We understand that this adjustment may have financial implications, considering that around 40 million Americans have educational debt, with the average monthly bill being approximately $350.1

It is important to note that the recent law passed by Congress makes it almost certain payments will resume. Despite ongoing discussions and potential developments, the likelihood of payments being paused again is unlikely.1

On June 30, 2023, the Supreme Court overturned President Biden's plan to cancel up to $20,000 in student debt for borrowers.

We understand that the uncertainty surrounding these matters can be challenging. Rest assured that we are closely monitoring the situation and will provide updates as soon as they become available. In the meantime, please keep an eye on your student loan account details, as exact due dates may vary.

If you have any questions or concerns, please do not hesitate to reach out to us. We are here to support you, and we may be able to provide some guidance through this process.


The opinions voiced in this article are for general information only and are not intended to provide specific advice or recommendations for any individual. 

1. CNBC.com, June 20, 2023. “It’s official: Student loan payments will restart in October, Education Department says.”