Help for BECU Members as Student Loan Payments Resume
Federal student loan payments and interest accrual will resume this fall after being suspended since March 2020. If you’re struggling financially and worried about making your student loan payments, learn about assistance programs that can help.
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More than 43 million Americans carry student loan debt, and that's mostly from federal loans. The U.S. government paused loan interest, collections and payments at the start of the COVID-19 pandemic. On Sept. 1, 2023, loan interest begins accruing again, and monthly payments will resume starting Oct. 1, 2023.
Federal Relief Available for Students
On Aug. 22, 2023, the Biden Administration announced SAVE, a new income-driven repayment (IDR) program intended to lower payments for borrowers. The SAVE program comes after the recent U.S. Supreme Court decision to block implementation of the administration's one-time student debt relief plan. SAVE goes farther than previous IDR programs toward reducing or even erasing federal student loan payments for some borrowers. Visit the Federal Student Aid website for more information about SAVE and other student loan programs.
Student Loan Payment Options
If you are concerned about your ability to make your student loan payments, contact your loan servicer to discuss your options. They may be able to offer revised payment plans or other solutions to help you make your payments. See other common questions about student loan payments.
Refinancing your student loans may offer potential benefits such as a reduced monthly payment, reduced interest rate, fixed interest rate, and simplified payment to one servicer. For more information about refinancing and see if it is the right option for you, visit BECU's student loan refinancing page. If you do choose to consolidate and refinance your federal loans, you could lose out on forgiveness and repayment options that are exclusively available to federal student loan borrowers.
Financial Assistance and Programs for BECU Members
If you are concerned about your ability to make your student loan payments or are struggling financially, please visit our Financial Relief Solutions and Member Assistance Program to learn about the assistance available.BECU offers a free Financial Health Check consultation as a resource to help members reach their goals. BECU financial coaches can help you make decisions and take real-time actions on savings, budgeting and debt management during a confidential one-on-one session.
BECU also partners with GreenPath, a national nonprofit dedicated to helping people lead financially healthy lives. Members can turn to GreenPath's certified experts for help with managing through a variety of financial challenges. GreenPath offers a range of services that are all free of charge to BECU members.