Student loan payments start in October. Here's everything you need to know

After a nearly three-and-a-half year break, student loan interest and monthly payments are set to resume.

While many borrowers were hoping to have part or all of their remaining student loans forgiven, those dreams were dashed in the U.S. Supreme Court decision handed down in June that said the Biden administration overstepped its authority when it announced its broad loan forgiveness plan.

Here are the important dates to know as payments resume after the pandemic-era pause, and helpful applications as millions of Americans prepare to again make monthly student loan payments.

Student loans accrued interest in September

Interest accrued for the month of September, but no payment was due.

When do student loan payments start?

The first student loan payments will be due in October.

You’ll get your bill, with your payment amount and due date, at least 21 days before your due date

How to enroll in Biden's new SAVE student loan payment plan

The Biden-Harris administration recently announced the the Saving on a Valuable Education (SAVE) Plan, an income-driven repayment plan. Applications are open now.

The SAVE Plan calculates your monthly interest payment according to your income and family size, providing the lowest monthly payments of any income-driven plan available to most borrowers. Some borrowers will not owe a monthly payment at all.

SAVE will also replace the Revised Pay As You Earn (REPAYE) Plan, and borrowers enrolled in REPAYE will automatically receive the SAVE Plan benefits.

More borrowers will be eligible for SAVE than previous plans, with the income exemption increasing from 150% to 225% of the poverty line.

Borrowers have a one-year "on-ramp" to make payments before being delinquent

Between Oct. 1 and Sept. 30, 2024, borrowers are given a 12-month "on-ramp."

Any missed monthly payments during this time won't be considered delinquent, reported to credit bureaus, placed in default or referred to debt collection agencies.

Sept. 30, 2024 is also the last day borrowers can apply for the “Fresh Start” program, in which borrowers in default before the pandemic can get an opportunity to become current.