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.