The grace period for student loan payments is over. Here's what you need to know
Hindustan TimesNEW YORK — The 12-month grace period for student loan borrowers ended on Sept. 30. Here's what you need to know “The end of the on-ramp period means the beginning of the potentially harsh consequences for student loan borrowers who are not able to make payments,” said Persis Yu, Deputy Executive Director at the Student Borrower Protection Center. Around eight million of those borrowers had enrolled in the SAVE plan, the newest income-driven repayment plan that extended the eligibility for borrowers to have affordable monthly student loan payments. With the on-ramp period and a separate program known as Fresh Start ending and the SAVE plan on hold, student loan borrowers who are struggling to afford their monthly payments have fewer options, added Yu. Since this grace period has ended, student loan borrowers who don't make payments will go delinquent or, if their loans are not paid for nine months, go into default.
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