When Will I Have to Repay My Law School Loans?

The student loan payment pause extensions offered welcome financial relief for lawyers with federal student loans, giving borrowers the opportunity to redirect would-be payments toward other meaningful goals. No one can know for certain when payments will resume, but the opportunity to prepare is certain.

What Was the Student Loan Freeze?

Beginning in March 2020, the Department of Education set federal student loan interest to 0% and suspended payments. Only federal loans were affected — privately refinanced loans continued to accrue interest and require payment throughout. Borrowers pursuing Public Service Loan Forgiveness or income-driven repayment plans still received credit toward forgiveness during the pause.

Focus on What You Can Control

Regardless of when payments ultimately resume, lawyers can use a pause period productively by:

• Funding an emergency fund
• Paying off other debts (credit cards, car loans)
• Contributing more to retirement and investment accounts
• Saving for other financial goals
• Avoiding increases to monthly spending that would be hard to unwind later

What Lawyers Should Probably Avoid

• Privately refinancing federal loans during an active pause, giving up potential future relief for a marginal rate improvement
• Meaningfully increasing monthly expenses in a way that would be difficult to sustain once payments resume
• Failing to have a plan ready for when payments do resume

Final Takeaways

Student loan policy is outside any individual borrower's control, but the financial decisions made during a payment pause are not. Use the opportunity to strengthen your broader financial position while staying ready for payments to resume.