More than 40 million Americans will have to start repaying federal student loans in October after a more than three-year hiatus, but that’s not the only date you need to know after the Supreme Court struck down President Joe Biden’s student loan forgiveness plan.

Biden announced last summer a one-time plan to erase $10,000 in federal student loans, including Parent Plus loans, for those earning less than $125,000 or households with less than $250,000 in income. Pell Grant recipients, who typically demonstrate more financial need, would have received an additional $10,000 in debt forgiven. However, in a 6-3 decision last Friday, the Supreme Court said the program was an unlawful exercise of presidential power because it had not been explicitly approved by Congress.

Now that student loan repayment is officially back on, borrowers need to know interest begins accruing September 1 and the first payment will be due in October. They should also know the Biden administration has provided a so-called “on ramp” to help people ease back into the habit of making monthly payments.

Here’s a rundown of the important dates you need to mark on your calendars as well as how the “on ramp” can help you if you’re not ready to start repaying.

When do student debt payments begin?

The first payments are due in October. You should receive your bill in September or October—at least 21 days before your payment due date—with your payment amount and due date.

When does interest start on student loans?

Interest will start piling up again on September 1. During the student loan pause, no interest accrued.

What if I can’t start making payments in October?

Biden’s administration has created a temporary 12-month “on-ramp” from October 1 to September 30, 2024, so those who miss monthly payments during this period aren’t considered delinquent, reported to credit bureaus, placed in default, or referred to debt collection agencies.

Note, payments will be due and interest will accrue during this on-ramp period. Additionally, missed payments will not count toward loan forgiveness under any of the income-driven repayment (IDR) plans or Public Service Loan Forgiveness.

How do I know what my monthly payment amount will be?

Borrowers should receive a bill in September or October with the amount they owe.

They also can visit their account on their loan servicer’s website to see their payment amount once their disclosures or bills have been sent.

"Before then, they could contact their loan servicer to get details about their loan and repayment schedule options," said Theresa Cagle Fry, senior vice president and manager of IRA and retirement plans at wealth management firm Benjamin F. Edwards in St. Louis, Missouri.