On Thursday the U.S. Senate voted to block President Joe Biden’s student-debt relief program. Without the program, which is also being challenged in the Supreme Court, payments for borrowers will resume in August, per The Washington Post.

Biden is expected to veto the bill.

Even with Biden’s veto, loan payments are expected to resume in two months. Here are key dates and information borrowers should keep in mind as they ease back into making student loan payments.

The news: After the House voted to overturn Biden’s student loan forgiveness plan on May 24, the Senate affirmed the action on June 2, voting 52-46 against the bill, the Post reported. Biden has said he will veto the bill.

Biden’s executive action to forgive student loans unilaterally, without congressional approval, is being challenged in the U.S. Supreme Court, the Associated Press stated. The court is expected to release a decision before the end of June about whether his actions were allowable under current law.

  • Regardless of what the court decides, Forbes reported that the pause on student loan payments cannot be extended any longer. A deal reached in the debt ceiling bill removed Biden’s power to extend the pause unless another national emergency occurs.
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When will payments resume? In November the Biden Administration stated that the student-loan repayment pause would be extended either 60 days after the Supreme Court made a ruling on Biden’s debt relief program, or 60 days after June 30, whichever comes first, according to USA Today.

  • If the Supreme Court doesn’t make a decision in June, payments will resume 60 days after June 30, which is August 29.

How to prepare for payments to resume: Loan payments can be daunting, but luckily there are systems in place to assist with repayment every step of the way.

  • The Federal Student Aid website states that borrowers should ensure that all of their contact information is up to date in their StudentAid.gov profile to ensure that their loan servicers can contact them with billing statements and other information to begin repayment.
  • Before resuming payments, using the FSA loan simulator tool is a way to lay out and visualize different payment plans to help choose one that is best for you.
  • The U.S. Department of Education offers income-based payment plans that will adjust your monthly payment based on how much money you make. Once you use the loan simulator to see which plans may suit your situation, you can contact your loan servicer and apply for a specific plan. If necessary, there are also short-term relief plans that can lower or pause payments that borrowers can apply for.
  • Repaying loans can be confusing, but you don’t have to be alone in the process. The Associated Press states that there are student loan advisors that are there to assist you during every step of the process. To find your loan advisor visit the FSA website.