Student loan repayment ‘on-ramp’ period ends

On Oct. 1, the student loan repayment system reverted to pre-pandemic rules and borrowers face significant changes. The 12-month “on-ramp” period introduced by President Biden last fall, which allowed flexibility for missed payments without major penalties, ended on Sept. 30. Borrowers who fail to make on-time payments going forward will face late fees, negative credit reporting and the risk of default after 270 days of non-payment. This marks the end of the temporary reprieve introduced during the COVID-19 pandemic when payments and interest accrual were paused. For more information, visit StudentAid.gov.