{"id":52538,"date":"2023-08-24T14:23:12","date_gmt":"2023-08-24T18:23:12","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/only-days-to-act-on-key-forgiveness-deadlines\/"},"modified":"2023-08-24T14:23:14","modified_gmt":"2023-08-24T18:23:14","slug":"only-days-to-act-on-key-forgiveness-deadlines","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=52538","title":{"rendered":"Only Days To Act On Key Forgiveness Deadlines"},"content":{"rendered":"
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As the student loan pause ends in a matter of days, borrowers are facing a number of critical deadlines. There may be only a short window to optimize your financial situation as student loan payments resume.<\/p>\n

The student loan pause officially ends on August 31, after President Biden signed legislation codifying the conclusion of the three-year moratorium. Interest will start accruing on September 1. Loan servicers will generate billing statements later in September, with the first monthly student loan payments due in October.<\/p>\n

Here\u2019s a breakdown of key deadlines.<\/p>\n

Payment Pause Counts Toward Student Loan Forgiveness, And Borrowers Can Request A Refund<\/h2>\n

One of the earliest deadlines borrowers should be aware of is August 28. This may be the last the date to request a refund of any payments made during the student loan pause.<\/p>\n

While it may have made sense for some borrowers to make voluntary student loan payments during the moratorium given that no interest was accruing, borrowers on track for student loan forgiveness have little incentive to pay more than they need to. This is particularly true after the benefits associated with the IDR Account Adjustment and Biden\u2019s new SAVE plan, which were not available when the student loan pause first began in 2020.<\/p>\n

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\u201cYou can get a refund for most payments (including auto pay) you make from March 13, 2020, through Aug. 28, 2023,\u201d says Education Department guidance. \u201cIf you have a Direct Consolidation Loan, you can\u2019t get refunds on payments you made before consolidating. Contact your loan servicer to request that your payment be refunded.\u201d<\/p>\n

Other August Deadlines As Student Loan Pause Ends<\/h2>\n

The Education Department recommends that borrowers do a number of things before September:<\/p>\n