Federal student loan payments, on pause since March 2020 due to the pandemic, are
set to resume Oct. 1. The Colorado Attorney General’s Office has created FAQ documents
to help borrowers prepare for repayment. The information covers topics such as how
to identify your student loan service provider and update contact information, as
well as how to watch out for scammers who may be trying to take advantage of confusion
around student loan forgiveness programs. The FAQs are available in English and en español.
To help borrowers transition back to repayment, several new programs have been announced
that may be helpful:
- The “on-ramp to repayment” runs Oct. 1, 2023, through Sept. 30, 2024. Financially vulnerable borrowers who miss
monthly payments will not be considered delinquent, reported to consumer reporting
agencies, placed in default status or referred to private collection agencies. More
information is available here.
- Fresh Start is a one-time temporary program to get out of default on your federal student loan
and restore benefits lost with a default. More information is available here.
- The Saving on a Valuable Education (SAVE) Plan is a new income-driven repayment (IDR) plan that provides the lowest monthly payment
of any IDR plan available. More information is available here.
Borrowers with further questions can contact the Colorado Attorney General’s Student
Loan Ombudsperson by filing a complaint at www.coag.gov/studentloans.