Student loan payments will restart in October, Department of Education confirms

Millions of people with federal student loans will be required to restart payments in October, the Department of Education clarified Monday.

Previously, the Biden administration had said the payment pause – in place since March 2020 due to the COVID pandemic – would end either 60 days after June 30 or 60 days after the Supreme Court rules on President Biden’s separate student loan forgiveness plan.

In a statement to CNN, the Department of Education clarified that start date, as well as the date interest will begin accumulating again.

“Student loan interest will resume starting on Sept. 1, 2023, and payments will be due starting in October. We will notify borrowers well before payments restart,” the Department of Education said in a statement.

Borrowers can expect to receive their bill statements from loan service providers a few weeks before they are due. The department said it will also be in communication with student loan services to provide additional information before repayments resume.

Payments are set to restartno matter what the Supreme Court says in its decision on Biden’s plan to dismiss up to $20,000 in student loans per borrower. That decision is expected in June or July.