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.
The Biden administration is providing what it’s called an “on-ramp period” until September 30, 2024. During that time, a borrower won’t be reported as being in default to the national credit rating agencies, which can damage a person’s credit score.
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