Student loan payment ‘on-ramp’ ends Sept. 30 [Video]

While most student loan borrowers have returned to repayment by now, time is running out for those not making payments to avoid further 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.

Federal student loan servicers resumed charging interest 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. During the forbearance, borrowers were not required to make monthly payments and interest did not grow on their loans.

Since payments and interest resumed in fall 2023, servicers have not been reporting missed payments to credit agencies due to President Joe Biden’s student loan payment “on-ramp” period. 

The goal was to give borrowers a bit of breathing room as they worked student …