Student loan repayments have begun, but there are options to help

PHILADELPHIA (WPVI) -- After a three-year pandemic pause, borrowers must now repay their student loans. This impacts about 28 million Americans, many of whom can't afford those monthly payments.

Interest started accruing in September, and yes, payments are due but people shouldn't panic.

There is a program called SAVE that could help you. Plus, the Biden administration has provided what it's calling an on-ramp window for repayments.

"The idea here is that if you can't make your student loan payments, and you're missing payments, then the student loan payments should not be reported to credit bureaus. So it shouldn't affect your credit score. And then also, it won't put you into default," said money expert Miranda Marquit.

SEE ALSO: Student loan payments resume: What to know as repayment begins in October

The on-ramp is until the end of September 2024, but be aware that you will continue to accrue interest during that period.

There is also the SAVE program.

"The SAVE plan is a kind of a new plan that's being rolled out as one of our income-driven options. So if you are struggling to pay, you can check to see if you qualify for that plan," said Marquit.

Plans are based on your monthly income, and if you're making payments under the SAVE plan, interest won't accrue and get added to your balance.

"And then the SAVE plan also has some different plans for forgiveness depending on your situation," said Marquit.

The first thing you need to do no matter what is go online and get information about your loan by going to the free government website, www.studentaid.gov. It will tell you what kind of plan you have, your minimum monthly payment plus, who your servicer is, and how to get into contact with the company.

"Go back to your servicer and say, 'hey, what are the income-driven options? Let's go through what I qualify for,' and see if you can go on a different plan," said Marquit.