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Payments of student loans are going to resume on October 1, 2023.

Preparing to Repay Student Loans

Payments will be a little different than before the COVID-19 deferment period. Use this guide to help you get ready to resume payments and set yourself up for success!

Step One - Know Your Loan

It has been over three years since you were last required to make payments on federal student loan debt. In that time, some things about you have changed and some things about your loan have changed, too.

Visit the Federal Student Aid Website

Find out:

  • Who is my loan servicer?
  • How much do I owe?
  • Are my name, address, and phone number on file current?

Step Two - Build a Budget

The best way to prepare to resume payments is to build a budget. Plan ahead and ensure you can afford the payments within your budget. First Financial is here to help. Schedule an appointment with one of our Certified Financial Counselors to assist you in building your budget and building sustainable financial goals and habits.

Sign up for a FREE Financial Counseling Apppointment

Step Three - Payments

There are lots of options for repayment, and new plans to take advantage of that can help you. You may qualify for various debt relief plans to lower or eliminate the payment. In some cases, you may even qualify for a refund of payments you've already made. Use the Loan Simulator to see what you qualify for!

Federal Student Aid Loan Simulator

Helpful Hint

Once you know how much your payment is going to be, start setting aside that money into a savings account now. The sooner you begin to account for that money in your monthly finances, the easier it will be to manage these payments.


If you have multiple federal student loans, it may be beneficial to consolidate them. This is a simple 30-minute process and can potentially save you money.

Federal Student Aid Consolidation Wepage

Talk to one of our Financial Counselors

[email protected] | (505)462-1345

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