When Do Student Loan Payments Start Again?

If you’re wondering when your student loan payments will start again after a deferment or forbearance, we’ve got you covered.

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Introduction

Student loan payments can seem like a distant memory when you’re in the thick of finals and graduation. But eventually, the six-month grace period on your loans will come to an end, and you’ll have to start making payments again. Depending on the type of loan you have, you may have a few different options for when your first payment is due.

Stafford Loans: If you have a Stafford Loan, your first payment will be due six months after you graduate, leave school, or drop below half-time enrollment.

Perkins Loans: If you have a Perkins Loan, your first payment will be due nine months after you graduate, leave school, or drop below half-time enrollment.

Private Loans: If you have a private loan, your lender will give you a grace period before payments are due. This grace period is typically six months long, but it can vary depending on the lender.

Federal Direct PLUS Loans for Parents and Graduate or Professional Students: If you’re a parent who took out a PLUS Loan to help pay for your child’s education, or if you’re a graduate or professional student who borrowed a Direct PLUS Loan to help pay for your own education, your first payment will be due within 60 days after the final loan disbursement is made for the year.

Federal Direct Consolidation Loans: Your first payment on a Direct Consolidation Loan will be due within 60 days after the consolidation loan is made.

What to Do If You Can’t Make Your Student Loan Payment

If you’re struggling to make your student loan payments, don’t worry — you have options. The most important thing is to contact your loan servicer as soon as possible. They may be able to offer you a forbearance or deferment, which will allow you to temporarily stop making payments or reduce your monthly payment amount.

If you’re unable to make your payments and you don’t qualify for a forbearance or deferment, your loan servicer may be able to offer you a loan rehabilitation program. This program will allow you to make nine reduced monthly payments over a 10-month period. Once you’ve made these payments, your loans will be rehabilitated and the default will be removed from your credit history.

If you’re still struggling to make your payments after trying all of these options, you may want to consider consolidating your loans or enrolling in an income-driven repayment plan. These plans can lower your monthly payment amount by basing it on your income and family size.

No matter what, do not ignore your student loans! If you do, you could end up in default, which will damage your credit score and result in wage garnishment, among other things. If you’re having trouble making your payments, reach out to your loan servicer — they can help!

When Do Student Loan Payments Start Again After a Hardship?

Most student loan providers will offer a period of forbearance or deferment if you are experiencing a financial hardship. This means that you won’t have to make any payments on your student loans for a set period of time. Once the hardship period is over, your loans will go back into repayment and you’ll need to start making payments again.

Depending on your situation, you may be able to get a deferment or forbearance for:
-Unemployment
-Economic hardship
-Medical or dental residency
-Military service
-Peace Corps service

What Happens If You Miss a Student Loan Payment?

Missing a student loan payment can have serious consequences. Depending on your loan type, you may go into Default, which can result in wage garnishment, damage to your credit score, and the loss of eligibility for deferment or forbearance. In some cases, you may even be sued.

To avoid missing a payment, it’s important to know when they’re due. Most student loan payments are due monthly, although some loans may have different schedules. If you’re not sure when your next payment is due, you can check your loan servicer’s website or give them a call.

If you do miss a payment, the first thing you should do is contact your loan servicer to discuss your options. You may be able to get back on track by making a partial payment or signing up for a repayment plan. If you’re unable to make any payments at this time, you may be eligible for a deferment or forbearance, which would allow you to temporarily stop making payments ( interest would still accrue during this time).

It’s important to act quickly if you miss a student loan payment. The longer you wait, the harder it will be to get back on track.

How to Avoid Missing Student Loan Payments

It’s important to stay on top of your student loan payments, as missing even one payment can negatively impact your credit score. If you’re wondering when student loan payments start again after a period of forbearance or deferment, there are a few things to keep in mind.

First, it’s important to know that forbearance and deferment are two different things. Forbearance allows you to temporarily postpone your student loan payments, while deferment lets you temporarily postpone or reduce your student loan payments. Whether you have a federal or private student loan, you might be eligible for forbearance or deferment if you’re experiencing financial hardship ormilitary service, among other things.

If you’re in forbearance, you’ll typically have to begin making student loan payments again after a year (although there are some exceptions). If you’re in deferment, you might have to begin making payments again after six months, although this can vary depending on the type of deferment and the type of loan you have.

It’s important to contact your lender as soon as possible if you think you might miss a payment, as they may be able to work with you to create a plan that works for both of you. In some cases, they may even be able to extend your forbearance or deferment period.

Conclusion

So, when do student loan payments start again after deferment or forbearance? It depends on the type of loan you have and the program you used. For most federal student loans, payments will resume six months after your deferment or forbearance ends. For private student loans, it depends on the lender, so you’ll need to check with your servicer to find out.