Interest will start accruing once again on September 1st and loan repayments will begin in October.
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There is a one-year grace period from October 1st to September 30, 2024. During that time, borrowers will not be reported to the credit reporting agencies, nor will they be considered to be in default or sent to collections.
In the meantime, if you're a current student we have an app you need to check out and it could be your ticket to finding thousands of dollars. The world's number one scholarship search app is now available to students and their families for free.
In 2015, the ABC hit show "Shark Tank" helped then Drexel student Christopher Gray launch his app called Scholly.
"Scholly is a free mobile and web app that helps students find money for college," he said.
Since then, Gray says the platform has saved students' hours and hours of search time and helped students win more than $100 million in scholarships.
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"So, we match students all the way up from high school, going into college, even until they graduate college with different scholarships that they qualify for," said Gray.
Some students use the app each semester to make ends meet and graduate students, international students, and returning students going back to school online can also find scholarships.
Testimonials on its website shows how one student used the app when she was at Howard University.
"Thank you so much Scholly for making it convenient for me to find $40,000 in scholarships," she said.
When Scholly first launched, students and their families had to pay to search on the website.
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"We've actually been acquired by Sallie Mae," said Gray.
So as of last week, Scholly is completely FREE.
And there's a program for student loan borrowers that just opened for enrollment this month.
It's called SAVE and could be a great option if you can't afford to repay your loans this fall.
SAVE ties a borrower's required monthly payment to their income and family size. It could cut monthly payments in half or even to Zero for some borrowers.