Time is running out for borrowers to miss student loan payments without some of the biggest consequences.
After Sept. 30, student loan servicers will once again be able to report missed or incomplete payments to borrowers' credit agencies. That means missing a payment could potentially damage your credit score or be a blemish on your credit report for years to come.in September 2023 and began collecting monthly payments in October, nearly four years after former President Donald Trump started the pandemic forbearance in March 2020.
The goal was to give borrowers a bit of breathing room as they worked student loan payments back into their budgets after three and a half years of not making them.Nearly 7 million borrowers were at least 30 days late on their loans at the end of March, according to Education Department data. More borrowers who hadn't been paying their loans were automatically transferred into forbearance after three missed payments during the on-ramp period.
Borrowers are unable to submit IDR applications online, and while FSA says borrowers can print an application and fax or upload it to their servicer's site, "servicers have temporarily paused processing of IDR applications until we can ensure applications are processed correctly," the FSA website says.
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