Student loan payments are due in October for the first time in three-plus years – but for the next 12 months, borrowers will be able to skip payments without facing the harsh financial consequences of defaulting on their loans.
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Roughly 28 million borrowers will soon be required to pay their monthly student loan bill for the first time since a pandemic-related pause went into effect in March 2020. Interest on federal student loans restarted on September 1 and monthly payments will begin in October.