The end of the grace period comes as the fate of a generous student loan repayment plan, created by the Biden administration last year, is uncertain. The SAVE (Saving on a Valuable Education) plan is currently on hold as litigation plays out. A hearing is scheduled for October 15 at the 8th US Circuit Court of Appeals.

If you have federal student loans, two important benefits are ending this week: the student loan repayment "on-ramp" and the Fresh Start program.

To apply for a subsidized student loan, follow these steps: Complete the FAFSA: You must submit a completed FAFSA form. The information you provide through the form is used to determine whether or not you qualify for subsidized student loans and any other federal aid.

In total, 3.6 million borrowers will have had $127 billion in debt wiped out since President Joe Biden took office.

In the wake of the battle over student loan forgiveness, a growing number of colleges are eliminating education debt from the outset. Roughly two dozen schools now have "no-loan" policies, which means they will meet 100% of an undergraduate's need for financial aid with grants rather than student loans.

Student loans can both help and hurt your credit score, depending on how well you manage your payments and overall debt load Renee Fleck is a student loans editor with over five years of experience in digital content editing.