OHIO — While the deal to avert a default on the national debt is making the nation’s financial future clearer, it’s also causing concern for millions of college graduates.

What You Need To Know

  • The Fiscal Responsibility Act of 2023 ends the pandemic-prompted pause on student loan payments

  • Student loan repayments will resume 60 days after June 30, according to the Fiscal Responsibility Act

  • Studentaid.gov is a resource for the most up-to-date information regarding federal student loans

  • College Now is a free resource for people who need help navigating student loans

Among the items included in the Fiscal Responsibility Act of 2023 is an end to the more than three-year break from paying back student loans. Payments paused near the start of the COVID-19 pandemic in 2020.

Studentaid.gov is a website David Burke knows well.

“I currently have $11,390 remaining on my student loans,” he said.

Burke borrowed money for his undergraduate degree at Ohio Wesleyan University.

“It could have been managed a lot better if I was given the tools and the knowledge that I have now,” he said. “But, you know, hindsight’s 20/20.”

Two master's degrees later, the track and field athlete jumped into a career with College Now Greater Cleveland, as manager of adult programs.

“It has been an opportunity to help people with their loans,” Burke said. “Explain my loan situation to them, so they don’t fall into it. Explain my college and career guidance.”

Burke started with the nonprofit in April 2020, just one month after student loan payments were paused because of the uncertainty of the coronavirus pandemic.

Now, three years later, those payments are scheduled to resume at the end of August, according to the newly signed Fiscal Responsibility Act.

“People are going to have to start making unfortunate decisions because now this is being reimplemented,” Burke said.

If you have a student loan, Burke said now is the time to update your current employment information with your lender and check into income-driven repayment plans.

“It’s a spiderweb of information,” he said.

He said College Now can help untangle that web and serve as a free resource for anyone who needs help to get back into the routine of paying those loans, with loan consolidation or forgiveness plans options in some cases.

“College is a different animal these days,” he said. “It’s a different approach and we just like to make sure we have all the navigation pathways set.”

As things stand currently, student loan repayments will resume 60 days after June 30, according to the Fiscal Responsibility Act.

President Joe Biden proposed a plan to waive billions of dollars of student loan debt, but that measure is now being considered by the Supreme Court. A decision is expected this month.