IMPORTANT NOTICES

This summer, a federal court issued a stay preventing the Department of Education (ED) from operating the Saving on a Valuable Education (SAVE) plan. As a result, SAVE plan borrowers are being placed in administrative forbearance. If you are enrolled in the SAVE plan, you will not need to make loan payments and your loans will not accrue interest during this time. Additional updates can be found at ed.gov/save or StudentAid.gov.

Fresh Start is a temporary program from ED that offers special benefits for borrowers with defaulted federal student loans, including access to federal loan repayment plans and potential forgiveness options. The deadline to sign up for Fresh Start benefits has been extended. Borrowers should enroll by 2:59 a.m. Eastern time on Wednesday, October 2, 2024. Please access your account and review the Account Information page to submit a request for Fresh Start. If you have trouble accessing your account or submitting a request for Fresh Start, submit an email requesting enrollment into the Fresh Start program at myeddebt.ed.gov/borrower/#/sendemail, select "Other" in the Inquiry Subject Area dropdown and type "I would like to enroll into Fresh Start" in the Question/Inquiry field.

If you experience issues signing up online or by phone, please follow the directions for applying by mail at StudentAid.gov/freshstart

In October 2023, ED instituted a one-year “on-ramp” to repayment of student loans. Borrowers who did not make payments were not reported to credit agencies. By October 1, 2024, borrowers should plan to resume student loan payments. The potential financial impacts of delinquency include negative credit reporting and wage garnishment. Not sure how to start? Get free professional financial counseling at an NYC Financial Empowerment Center.