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The CARES Act of 2020 not only paused interest on federal loans but paused payments for loan holders. The idea was to give student loan borrowers a break given the uncertain financial climate of the pandemic. The date upon which loans were to resume has been pushed back multiple times, but as part of the debt ceiling deal made in early 2023, federal loans will resume starting October 1st.

Now, working Americans are preparing to repay their federal student loans. For many borrowers, this is the first time in over 3 years that they’ve had to even think about making their minimum monthly payment, and for some, this will be the first time they’ve had to think about making payments ever.

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