The expiration of the student loan on-ramp and Fresh Start program on September 30 signifies an urgent need for borrowers to address missed payments and loan defaults.
With the student loan on-ramp in effect, roughly 3 million borrowers have benefitted from a grace period that prevents missed payments from impacting credit scores and offers failure-to-pay protection until September 30.
Borrowers must act quickly to avoid harsh penalties: once a payment is 270 days late, the loan enters default, leading to potential wage garnishment and hefty fees.
It's crucial for borrowers to log into their studentaid.gov accounts to check payment histories and loan statuses, ensuring they implement a repayment strategy before the on-ramp ends.
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