The deadline for the student loan payment 'on-ramp' is Sept. 30. Failing to make payments after this date can result in severe consequences.

Those who have not resumed repayment of their student loans face consequences as time runs out.

Starting Oct. 1, borrowers will once again have their missed or incomplete payments reported to their credit agencies by student loan servicers. This could negatively impact credit scores and remain on credit reports for an extended period.

Federal student loan servicers resumed charging interest in September 2023 and began collecting monthly payments in October, four years after President Trump initiated the pandemic forbearance in March 2020. During the forbearance, borrowers were exempt from making monthly payments and no interest accrued on their loans.

During President Joe Biden's student loan payment "on-ramp" period, which began in fall 2023, servicers have not been reporting missed payments to credit agencies.

Borrowers were given some leeway to manage their student loan payments after three and a half years of being on hold, with interest still accumulating on their loans but missed payments not affecting their credit scores.

Over 7 million borrowers were overdue on their loans by at least 30 days in March, according to Education Department statistics. During the on-ramp period, more borrowers who had been behind on their payments were placed into forbearance after three consecutive missed payments.

If the on-ramp period expires, borrowers may face limited options when struggling to make their payments.

Income-driven repayment on pause

It may not be feasible for some borrowers to switch to a more affordable repayment plan at the moment. The implementation of the Saving on a Valuable Education plan by Biden has been temporarily halted by federal courts, and the injunction may be extended.

The 8th Circuit Court of Appeals did not specify whether the Biden administration has the authority to forgive debt under any programs, including income-driven repayment plans and Public Service Loan Forgiveness.

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The Federal Student Aid website states that borrowers on the SAVE plan are in an interest-free forbearance and IDR applications are not being processed due to the Biden administration's request for clarification, which was declined by the court.

Borrowers cannot submit IDR applications online, and although the FSA advises borrowers to print an application and fax or upload it to their servicer's site, "servicers have temporarily halted processing of IDR applications until we can guarantee accurate processing," the FSA website states.

If you're struggling to make your loan payments, reach out to your loan servicer for assistance. While there's no guarantee of a solution, discussing your situation may help prevent negative consequences.

What happens if you miss student loan payments

Your student loans will be considered delinquent if you miss a payment, and if you don't pay the total balance due or make other arrangements within 90 days, your servicer may report your delinquency to the credit agencies. This delinquency can remain on your credit report for up to seven years and negatively affect your ability to qualify for mortgages, credit cards, and other financial products.

If you fail to repay most federal loans, including those other than Perkins loans, within 270 days, you will be in default. This means that you will owe the full amount of your loans and any unpaid interest, immediately. As a result, you will lose your eligibility for future federal student aid, as well as any protections like forbearance or deferment. Your credit score will likely suffer greatly, and your wages could even be garnished.

To avoid defaulting on your loans, contact your servicer to determine if you qualify for forbearance or deferment before missing a payment.

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