When are Student Loans due Again?

By Mentor Staff | Edited By Mentor Staff

Updated On September 8, 2022

Editorial Note: This content is based solely on the author's opinions and is not provided, approved, endorsed or reviewed by any financial institution or partner.

How do we make money? The products featured on this website are from our partners who compensate us. This may impact which companies we review, the products we evaluate, and where and how a product appears on a page. We receive compensation from a partner when you apply for and receive a product through Mentor. This helps us to support our website, offer free content, tools and calculators, and continue to be one of the leading sources on personal finance.

If you’re like most student loan borrowers, then you may be asking, “When are student loans due again?” Student loan payments restart soon, so now is the time to prepare for next steps.

In this guide, we will discuss:

Top Picks For Student Loan Refinancing

October 2022

Variable APR ?APR, or Annual Percentage Rate, is the price you pay to borrow money. Variable APR means that your interest rate can fluctuate over time, which can increase or decrease your monthly student loan payment. Typically, a variable-rate loan has a lower introductory rate than a fixed-loan rate loan. Variable APR includes a 0.25% discount when you enroll in autopay.
Fixed APR ?APR, or Annual Percentage Rate, is the price you pay to borrow money. Fixed APR means that your interest rate will always stay the same. Even if interest rates change, your interest rate or monthly payment will not. Fixed APR includes a 0.25% discount when you enroll in autopay.
APR
3.40% - 8.40%
3.99% - 8.24%
3.40% - 8.40%

View Details

on SoFi's website

Overview

Variable APR:
3.40% - 8.40%
Fixed APR:
3.99% - 8.24%
Minimum Credit Score:
650
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000 ($10,000 in CA)

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All states
Hardship Deferment:
Yes
Co-signer Option:
Yes
2.49% - 7.99%
3.74% - 8.49%
2.49% - 8.49%

View Details

on Earnest's website

Overview

Variable APR:
2.49% - 7.99%
Fixed APR:
3.74% - 8.49%
Minimum Credit Score:
650
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5-20 years
Borrower Residency:
All States except NV
Hardship Deferment:
Yes
Co-signer Option:
No
2.49% - 7.99%
3.74% - 8.49%
2.49% - 8.49%

View Details

on NaviRefi's website

Overview

Variable APR:
2.49% - 7.99%
Fixed APR:
3.74% - 8.49%
Minimum Credit Score:
650
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,001 ($10,001 in CA)

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5-20 years
Borrower Residency:
All States except NV
Hardship Deferment:
Yes
Co-signer Option:
No
2.48% - 7.24%
4.29% - 7.29%
2.48% - 7.29%

View Details

on ELFI's website

Overview

Variable APR:
2.48% - 7.24%
Fixed APR:
4.29% - 7.29%
Minimum Credit Score:
680
Minimum Income:
$35,000
Fees:
None
Minimum Loan Amount:
$10,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All States
Hardship Deferment:
Yes
Co-signer Option:
Yes
2.49% - 11.72%
2.59% - 8.74%
2.49% - 11.72%

View Details

on Splash's website

Overview

Variable APR:
2.49% - 11.72%
Fixed APR:
2.59% - 8.74%
Minimum Credit Score:
640
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5 – 25 years
Borrower Residency:
All states
Hardship Deferment:
Varies
Co-signer Option:
No
3.84% - 10.07%
4.49% - 10.11%
3.84% - 10.11%

View Details

on Citizens' website

Overview

Variable APR:
3.84% - 10.07%
Fixed APR:
4.49% - 10.11%
Minimum Credit Score:
Not disclosed
Minimum Income:
$24,000
Fees:
No prepayment or origination fees
Minimum Loan Amount:
$10,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All states
Hardship Deferment:
Yes
Co-signer Option:
Yes
2.50% - 6.30%
3.99% - 6.40%
2.50% - 6.40%

View Details

on Laurel Road's website

Overview

Variable APR:
2.50% - 6.30%
Fixed APR:
3.99% - 6.40%
Minimum Credit Score:
660
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All States
Hardship Deferment:
Yes
Co-signer Option:
Yes
4.13% - 7.39%
2.99% - 9.93%
2.99% - 9.93%

View Details

on LendKey's website

Overview

Variable APR:
4.13% - 7.39%
Fixed APR:
2.99% - 9.93%
Minimum Credit Score:
680
Minimum Income:
$24,000
Fees:
None
Minimum Loan Amount:
$5,000

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All states, except ME, ND, NV, RI, WV
Hardship Deferment:
Yes
Co-signer Option:
Yes
-
3.94% - 9.08%
3.94% - 9.08%

View Details

on ISL's website

Overview

Variable APR:
-
Fixed APR:
3.94% - 9.08%
Minimum Credit Score:
670
Minimum Income:
None
Fees:
None
Minimum Loan Amount:
$5,000 ($10,000 in CA)

Details

Eligible Loans:
Private & Federal
Eligible Degrees:
Undergraduate & Graduate
Loan Terms:
5, 7, 10, 15, 20 years
Borrower Residency:
All states, except OR and ME
Hardship Deferment:
Yes
Co-signer Option:
Yes

The student loan pause

The student loan payment pause has been ongoing for more than two years. In March 2020, Congress passed the Cares Act, a $2 trillion stimulus package, in response to the Covid-19 pandemic. The Cares Act contained historic student loan relief, including:

  • No mandatory federal student loan payments;
  • 0% interest rates on federal student loans; and
  • No collection of student loans in default.

President Donald Trump extended this student loan relief twice. President Joe Biden extended the student loan moratorium five times through December 31, 2022. In total, federal student loan borrowers saved more than $5 billion each month of the student loan pause. Since Biden became president in January 2021, student loan borrowers haven’t been required to pay a single dollar of federal student loans.

When student loans are due

After seven extensions of the student loan pause, it’s important to know when student loans are due. According to the Biden administration, student loans are due starting January 1, 2023. Therefore, the student loan pause will expire on December 31, 2022.

What to know when student loan payments restart

Student loan borrowers should know several things when student loan payments restart on January 1, 2023. For example:

  1. Student loan payments: Federal student loan payments will resume, and borrowers should pay student loans each month.
  2. Student loan interest rate: Student loans will no longer have a 0% interest rate. Borrowers with federal student loans will have the same fixed interest rate from before the Covid-19 pandemic.
  3. Student loan default: Borrowers in student loan default could be subject to collection of student loan debt.
  1. Student loan servicer: During the Covid-19 pandemic, your student loan servicer may have changed. Your studentloan servicer is the company that manages your student loans. For example, your student loan servicer could be MOHELA, Aidvantage, Navient, Edfinancial, Nelnet or another student loan servicer. Login to Federal Student Aid (FSA) to confirm your student loan servicer.
  2. Contact Information: Make sure to update your contact information and autopay information before student loans are due again. If you moved or change banks, now is a good time to ensure that your student loan servicer has the latest details. This will help you avoid late fees when student loans resume.
  3. Student loan repayment: When student loans are due again, it’s time to revisit your strategy for student loan repayment. Consider all your options to pay off student loans faster. For example, student loan refinancing, income-driven repayment plans and student loan forgiveness are smart options to evaluate.

How to apply for student loan refinancing

Student loan refinancing is one option to consider when student loans are due again. Student loan refinancing helps you get a lower interest rate, lower student loan payment, or both. When you refinance student loans, you can choose a repayment term from 5 to 20 years and can refinance both federal and private student loans.

If you want to know how to apply for student loan refinancing, the process is easy.

  1. Compare the latest rates on Mentor.
  2. Compare student loan terms on Mentor.
  3. Use a student loan refinancing calculator.
  4. Apply online with multiple lenders.
  5. Determine whether you need a cosigner.
  6. Get approved.

With most student loan refinancing lenders, you can also check your new interest rate online for free with no impact to your credit score in about two minutes. To complete each application to refinance student loans, you should budget about 10-15 minutes.

How to get student loan forgiveness

When student loans are due again, you can explore several options for student loan forgiveness. Your student loan servicer can help you learn about several programs for student loan forgiveness that are available for federal student loans. Generally, student loan forgiveness isn’t available for private student loans.

Here are some popular programs to get student loan forgiveness:

In addition, Biden announced wide-scale student loan forgiveness of $10,000 for most federal student loan borrowers. Student loan borrowers who used a Pell Grant for college can receive up to $20,000 of student loan forgiveness.

Let's mentor your money

Get the latest personal finance advice delivered directly to your inbox.