We understand that the requirement to begin repayment of student loans may be a difficult transition. If you are experiencing a hardship or having trouble making your payments, Upgrade is here for you. In addition to the programs Upgrade may have to assist you during this time, the Department of Education has released programs to assist with the transition as well. We invite you to review those options below:
Grace Period for Student Loan Payments
The Department of Education has announced that from October 2023 through Sept. 30, 2024, missed student loan payments will not be considered delinquent, be placed in default, referred to debt collection agencies, or be reported to credit bureaus. Interest will still accrue during this time.
Student Loan Repayment Plans
Income-Driven Repayment (IDR) plans adjust your student loan payment amount based on your income and family size. Check out some of the key takeaways of the current plans offered and how they may benefit you.
-
Repayment choices are simpler
-
The Department of Education currently offers (4) different Income-Driven Repayment plans
-
-
More income is sheltered
-
The new plans change discretionary income requirements which could impact the amount you’re required to pay
-
-
Unpaid interest is waived
-
Any interest unpaid each month is covered by the government, so long as you keep up with your monthly payments
-
If you’d like to repay your federal student loans under an income-driven plan, you’ll need to fill out an application. Click HERE to learn more. Please note that IDR plans are not affiliated with or offered through Upgrade.
Upgrade Short-Term Hardship Program
Depending on your situation, you may have the option to make reduced payments for a set period of time through our Short-Term Hardship program. Please give us a call to have one of our dedicated Upgrade team members answer any questions, and explore the payment options that may be available to you.
Contact us by dialing our toll-free line at (888) 873-5960, Monday - Friday 5AM - 7PM PT, Saturday & Sunday 6AM - 5PM PT.