EDUCATION + SCHOOLS

As student loan interest accrues, knowing repayment options is key

Sep 1, 2023, 6:30 PM

A sign reading "cancel student debt" is seen outside the Supreme Court, Friday, June 30, 2023....

A sign reading "cancel student debt" is seen outside the Supreme Court, Friday, June 30, 2023, in Washington. A sharply divided Supreme Court has ruled that the Biden administration overstepped its authority in trying to cancel or reduce student loans for millions of Americans. For those with a student loan, interest began accruing on Friday, Sept. 1, 2023. Payments are scheduled to start back up in October. (Associated Press)

(Associated Press)

SALT LAKE CITY — Friday marked the first time since the beginning of the pandemic that student loan interest is accruing interest.

And for the thousands of Americans with student loan debt, that stress will start being felt once again. CNN reports payments will begin in October. The government has staggered the interest and payments, giving borrowers time to adjust. 

Beth Hunsaker, an assistant director of the University of Utah Financial Wellness Center, told KSL NewsRadio that now is a good time to check on your situation.

“And it’s so important to look at the repayment options,” she said. “Part of what has changed is looking at income-based repayment options. So, it’s so important to go in and look at what your options are.”

She says studentaid.gov has a calculator that gives borrowers different options. 

Hunsaker offers some tips for those who are going to be impacted when student loan interest starts accruing. 

“It’s really important, number one, that you have your information up to date with your studentaid.gov, so you can find out who your servicer is,” she said.

“The second most important thing is to work it into your budget. You’re going to have to put these up on a high priority to make sure that you get these paid off in time.”

Mark Jones contributed to this article.

Read more:

We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team here.

Education + Schools

House Speaker Mike Johnson talks to the press after the House passed four foreign aid bills at the ...

Haley Talbot, Lauren Fox and Clare Foran, CNN

Johnson calls on Columbia University president to resign during tense news conference

House Speaker Mike Johnson called on Columbia University’s president to resign Wednesday during a tense news conference.

9 hours ago

Two proposals — one aimed at students attending schools on F1 visas and the other targeting all a...

Amy Donaldson

Big changes proposed for Utah high school sports involving local, international students

Proposals involving F1 visas and athletic transfers were approved Wednesday by the executive committee of the Utah High School Activities Association.

14 hours ago

A law passed by Utah lawmakers requires that people use the bathroom corresponding to the sex on th...

Heather Peterson

Board of Education: Districts must explain bathroom law

Explanation of a Utah law governing school bathroom use, about to take effect in Utah, will be left up to individual school districts.

1 day ago

Granger High School shown, an orbeez gun shooting left 3 students with minor injuries...

Mariah Maynes

Three injured by Orbeez gun shooting outside of Granger High School

Three students were injured in an Orbeez pellet gun shooting outside of Granger High School on Tuesday.

2 days ago

calls on Sen. Mitt Romney as Harvard's President...

Adam Small

Calls issued for Mitt Romney to become next president of Harvard

Some are calling on Sen. Mitt Romney as the next president of Harvard University after an op-ed appeared in The Washington Post.

2 days ago

Columbia University students hold a protest in support of Palestinians, during the ongoing conflict...

Matt Egan, Chris Boyette, Shimon Prokupecz and Nic F. Anderson, CNN

Columbia University main campus classes will be hybrid until semester ends; NYU students, faculty arrested during protests

Columbia University, the epicenter of pro-Palestinian protests at US college campuses in recent days, says all classes at its main campus will be hybrid until the spring semester ends. 

2 days ago

Sponsored Articles

a doctor putting her hand on the chest of her patient...

Intermountain Health

Intermountain nurse-midwives launch new gynecology access clinic

An access clinic launched by Intermountain nurse-midwives provides women with comprehensive gynecology care.

Young couple hugging while a realtor in a suit hands them keys in a new home...

Utah Association of Realtors

Buying a home this spring? Avoid these 5 costly pitfalls

By avoiding these pitfalls when buying a home this spring, you can ensure your investment will be long-lasting and secure.

a person dressed up as a nordic viking in a dragon boat resembling the bear lake monster...

Bear Lake Convention and Visitors Bureau

The Legend of the Bear Lake Monster

The Bear Lake monster has captivated people in the region for centuries, with tales that range from the believable to the bizarre.

...

Live Nation Concerts

All the artists coming to Utah First Credit Union Amphitheatre (formerly USANA Amp) this summer

Summer concerts are more than just entertainment; they’re a celebration of life, love, and connection.

Mother and cute toddler child in a little fancy wooden cottage, reading a book, drinking tea and en...

Visit Bear Lake

How to find the best winter lodging in Bear Lake, Utah

Winter lodging in Bear Lake can be more limited than in the summer, but with some careful planning you can easily book your next winter trip.

Happy family in winter clothing at the ski resort, winter time, watching at mountains in front of t...

Visit Bear Lake

Ski more for less: Affordable ski resorts near Bear Lake, Utah

Plan your perfect ski getaway in Bear Lake this winter, with pristine slopes, affordable tickets, and breathtaking scenery.

As student loan interest accrues, knowing repayment options is key