10.11.2023 By Amanda Woods, Strategic Partnership Manager

3 Tips for Navigating Student Loan Repayment

Whether you just recently graduated or left school, or have been navigating student loan repayment for years, you are probably aware that after a three-year pause, student loan repayment resumed on October 1st, 2023.

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Whether you just recently graduated or left school, or have been navigating student loan repayment for years, you are probably aware that after a three-year pause, student loan repayment resumed on October 1st, 2023.

Remember to review your loan information and repayment options, check in with your finances and make a plan, and get your bearings so you’re feeling prepared for what’s next! Follow along as we highlight a few things to remember as you transition back to repayment, so you feel empowered to make informed decisions and ensure your financial well-being in the face of this transition.

1. Check-In Early. An excellent place to start, if you have not already done so, is to check in with your loan servicer, by using their online portal, or contacting them directly, to review your current loan information, identify what your new monthly payment is, and see what repayment plan you’re currently enrolled in. If need to find your loan servicer, you can visit your Federal Student Aid Dashboard or call them at 1-800-433-3243 to review your servicer info. 

It’s helpful to note that according to Federal Student Aid, if you were enrolled in auto-pay prior to the pause on student loan repayment, you likely won’t need to re-enroll to use auto-pay moving forward. But by checking in with your loan portal or servicer, and reviewing all of your information, you’ll be able to make any updates that may be necessary before payments resume. 

Something to note -  Because payments restarted for the first time in 3 years, wait times for communicating with your servicer might be higher than normal - so it’s best not to wait until your payment is due before reviewing your info.

2. Review Your Repayment Plan. With student loan payments being paused since 2020, some of your information, including some income and expenses, may have changed in that time. Reviewing your current repayment plan will help you determine if the plan you’re enrolled in is right for you and your current financial landscape. If your payment amount feels too high, you’ll want to contact your servicer to see if there is a more appropriate repayment plan that better aligns with where you are right now. An income-driven plan may be an appropriate choice for you if your income has changed, and you’re working to find a new payment option. 

A new plan, the SAVE Repayment Plan, went into effect this summer and is an income-driven plan that has the potential to decrease your monthly payment, as well as eliminate interest growth on your loan balance if you’re making monthly payments. Some Income-Driven borrowers will automatically be enrolled in this plan, but by reviewing your loan information, you’ll be able to determine which plan you currently have, and then work with your servicer if you’d like to explore your options. As mentioned above, navigating this process early will give you plenty of time to take control and feel prepared for your payments to resume.

3. Do A Financial Check-In. This is a great opportunity to do a financial check-in, and either review or establish your spending and savings plan. Financial check-ins can happen as often as you need, and if your income or expenses have changed (hello, new or returning student loan payment!), reviewing your spending and savings plan (aka your budget!) can be extremely helpful. In fact, getting a clear view of your financial landscape is going to be such a helpful part of this process, because it will enable you to better understand and prepare for the financial impact that your student loan payment will have. You might even find ways to minimize this impact and continue to boost your financial confidence and well-being.

The bottom line is now is the perfect time to dive in headfirst to better understand what’s ahead for your student loan repayment! If you’d like to learn more, check out this helpful resource from Federal Student Aid.


Ready to start working toward your future goals?  Take the America Saves Pledge today and choose debt payoff as your goal. We’ll help keep you motivated and on track by sending texts and emails full of tips and resources.

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