The payment pause on federal student loans has ended and many borrowers have begun making payments. ACC has compiled guidance for borrowers to make navigating this process less stressful. This page offers information about how to prepare for repayment.
How to Prepare for Repayment
Getting ready to pay back your student loans is important. Follow these steps to make sure you are all set:
Step 1: Find Your Loan Servicer
Your loan servicer is the company managing your student loans and handling your monthly payments. To find this information:
- Log in to your account at StudentAid.gov/login using the same login details as your FAFSA.
- Access your account dashboard and find the “My Loan Servicers” section.
If you need assistance, contact the Federal Student Aid Information Center (FSAIC) at 1-800-4-FED-AID (1-800-433-3243).
Step 2: Update Your Contact Info
Once you know your loan servicer, create an account and log in to their website (or mobile app). Make sure your contact information is up-to-date.
Step 3: Prepare for Your First Payment
Log in to your loan servicer’s website to review your payment due date and amount. Consider setting up automatic monthly bank withdrawals, so you make your payment on time every month.
You may also contact your loan servicer to explore payment options. There are several repayment options and tools to help you manage your loans here.
Step 4: Stay Informed
Regularly check your email and postal mail for updates regarding your student loan payments. Both your loan servicer and StudentAid.gov/login will provide essential information, such as your monthly payment amount and due date.
Navigating loan repayment can be overwhelming, but with the right information and preparation, you can confidently manage your financial responsibility to repay. If you need assistance, we are here to help.
Frequently Asked Questions
I’m still attending college, and I have student loans. Do I need to start making payments?
If you are enrolled in college at least part-time, you are eligible for an in-school deferment which means you do not need to make payments. Your college will inform your loan servicer about your enrollment status so they can update your loan to an in-school deferment. Contact your loan servicer and college with any questions.
If you are not currently enrolled in college at least part-time, you may need to begin making payments starting in October. To confirm your payment due date and amount, please log in to your loan servicer’s website. You can find information about your loan servicer by logging into StudentAid.gov/login.
ACC Students: For students attending ACC, our team ensures that your loan servicer is kept informed of your enrollment status each semester. If you are enrolled at ACC at least part-time, you do not need to take any additional steps to qualify for the in-school deferment.
I’m thinking about going back to school. How does that impact my loans?
Good news! If you return to school and enroll at least part-time, you could qualify for an in-school deferment. If you are enrolled at least part-time and your in-school deferment was not automatically applied, contact your loan servicer and college to update your enrollment status.
ACC Students: For students attending ACC, our team ensures that your loan servicer is kept informed of your enrollment status each semester. If you enroll at ACC at least part-time, you do not need to take any additional steps to qualify for the in-school deferment.
When do I need to start making payments on my loans?
Loan repayment is scheduled to start in October. Log in to your loan servicer’s website to verify your payment due date and amount. To find your loan servicer, log into StudentAid.gov/login.
When will interest begin to accrue on my student loans?
Student loan interest began to accrue on September 1, 2023.
How do I know my loan balance?
To check your loan balance, log in to your loan servicer’s website. Access your account via StudentAid.gov/login.
How do I know what my monthly payment is?
Log in to your loan servicer’s website to review your payment due date and amount. Access your account via StudentAid.gov/login.
I'm having trouble logging into studentaid.gov. Where can I get help?
For assistance accessing your account, visit this Federal Student Aid support website.
Absolutely, if handling your monthly payment feels overwhelming, know that there is support available. You can explore different payment options using the Loan Simulator on the Student Aid website. Additionally, if you’re facing short-term financial difficulties, you may qualify for a deferment or forbearance with your loan servicer which gives you a temporary break from loan payments.
ACC students also have access to free financial coaching from our non-profit partner program, Mosaiec. They offer virtual appointments to help you refine your budget, reduce expenses, and set financial goals. Learn more at mosaiec.org/coaching.
Our non-profit partner program, Mosaiec, offers free financial coaching for ACC students. They offer virtual appointments to help you refine your budget, reduce expenses, and set financial goals. Learn more at mosaiec.org/coaching.
What type of student loans were impacted by the payment pause?
Only federal student loans were impacted by the payment pause as a provision of the Coronavirus Aid, Relief and Economic Security (CARES) Act in March 2020. If you have private student loans, no payment pause was granted. Visit the Federal Student Aid website for more information.
Not sure if you have federal or private student loans? If you have federal student loans, they will appear on your StudentAid.gov account.
I am a parent who took out a Direct PLUS loan. When do I start repayment?
These loans also begin payments in October. Visit this page for more information on Direct PLUS loans and managing repayment.
For more information and answers to questions regarding repayment, visit the Prepare for Student Loan Payments To Restart on the Federal Student Aid website.
Still need help? We’re here for you.
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