{"id":4859,"date":"2023-06-03T12:53:54","date_gmt":"2023-06-03T07:23:54","guid":{"rendered":"https:\/\/fly.finance\/blog\/?p=4859"},"modified":"2023-06-03T12:55:33","modified_gmt":"2023-06-03T07:25:33","slug":"study-abroad-loans-federal-student-loan-borrowers-to-get-relief-when-payment-resumes-news-2023-06","status":"publish","type":"post","link":"https:\/\/fly.finance\/blog\/news-updates\/study-abroad-loans-federal-student-loan-borrowers-to-get-relief-when-payment-resumes-news-2023-06\/","title":{"rendered":"Study Abroad Loans: Federal Student Loan Borrowers to Get Relief When Payment Resumes&nbsp;"},"content":{"rendered":"\n<p>As President Joe Biden is all set to sign the<strong><a href=\"https:\/\/fly.finance\/blog\/news-updates\/study-abroad-loans-biden-and-mccarthy-sign-debt-ceiling-deal-news-2023-05\/\"> debt ceiling bill<\/a><\/strong>, the <strong><a href=\"https:\/\/leverageedu.com\/blog\/types-of-education-loan\/\">student loan <\/a><\/strong>pause is about to end in the upcoming months. This <strong><a href=\"https:\/\/fly.finance\/blog\/news-updates\/study-abroad-loans-student-loan-repayments-in-usa-are-scheduled-to-resume-in-fall-news-2023-05\/\">pause will end 60 days after the 30th of June 2023<\/a><\/strong>. This will be on 29th August 2023. After this date, interest on the education loan will start again.&nbsp;<\/p>\n\n\n\n<p>However, federal student loan borrowers will not have to resume payments immediately. From 29th August 2023, the US Education Department will generate federal loan repayment billing statements. After statement generation, the loan servicing team of the department will send them to the borrowers. These bills will provide beneficiaries with a significant time to make their initial payment.<\/p>\n\n\n\n<p>So, due to the relief, student loan borrowers will have to start paying their dues in late September or early October. Additionally, the Fresh Start Program of the Biden administration will also provide relief to many borrowers.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">The federal student loan pause may end soon, and borrowers need to start preparing to resume payments. <a href=\"https:\/\/t.co\/m6YuErn6mB\">https:\/\/t.co\/m6YuErn6mB<\/a><\/p>&mdash; Forbes (@Forbes) <a href=\"https:\/\/twitter.com\/Forbes\/status\/1659894265072300041?ref_src=twsrc%5Etfw\">May 20, 2023<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-fresh-start-program\"><span id=\"fresh-start-program\">Fresh Start Program<\/span><\/h2>\n\n\n\n<p>Here are some details of the Fresh Start Program:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>It is a temporary program provided by the U.S. Department of Education (ED) that offers specific advantages to individuals who have defaulted on their <strong><a href=\"https:\/\/fly.finance\/blog\/education-loan\/federal-student-loans-for-study-abroad\/\">federal student loans<\/a><\/strong>.&nbsp;<\/li>\n\n\n\n<li>This program automatically provides benefits that include the reinstatement of eligibility for federal student aid, including loans and grants.<\/li>\n\n\n\n<li>William D. Ford Federal Direct Loan (Direct Loan) Program Loans, Perkins Loans, and Federal Family Education Loan (FFEL) Program are eligible for Fresh Start Program.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-other-student-loan-forgiveness-programs\"><span id=\"other-student-loan-forgiveness-programs\">Other Student Loan Forgiveness Programs<\/span><\/h2>\n\n\n\n<p>Moreover, the Education Department will also process student loans under the following student loan forgiveness programs:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><a href=\"https:\/\/fly.finance\/blog\/news-updates\/study-abroad-us-government-to-forgive-student-loans-for-borrowers-who-quit-qualifying-jobs-news-2023-05\/\">Public Service Loan Forgiveness (PSLF) Program<\/a><\/strong><\/li>\n\n\n\n<li>Income-Driven Repayment (IDR) Account Adjustment Plan<\/li>\n<\/ul>\n\n\n\n<p>To learn more about the latest updates on <a href=\"https:\/\/fly.finance\/\"><strong>study abroad loans<\/strong><\/a>, stay in tune with <a href=\"https:\/\/fly.finance\/blog\/news-updates\/\"><strong>Fly Finance News Desk<\/strong><\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Federal student loan borrowers will get some relief after the restart of payments in the fall. The payment will start in Fall.<\/p>\n","protected":false},"author":5,"featured_media":4861,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[260],"tags":[],"class_list":["post-4859","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Study Abroad Loans: Federal Student Loan Borrowers to Get Relief When Payment Resumes&nbsp; I Fly Finance<\/title>\n<meta name=\"description\" content=\"Federal student loan borrowers will get some relief after the restart of payments in the fall. 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