Student Loan Repayments to Restart Soon: What Happens if You Don't Pay?

For more than three years, people with student loans haven't had to repay their debt, thanks to a pandemic-era break that is slated to come to an end in October, when repayments resume. But some borrowers say they aren't financially prepared to restart payments, while others may simply be unaware that repayments are due.

"It's critically necessary that we have some kind of, like, reprieve for borrowers because the reality is that most Americans' budgets don't have the flexibility to suddenly be making what is often hundreds of dollars of monthly payments right now," noted Persis Yu, deputy executive director at the advocacy group Student Borrower Protection Center.

Borrowers who miss or are late in their payments won't be reported to the credit reporting agencies, nor will they be considered in default. Their loans also won't be sent to collection agencies.

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