The student loan grace period is now over. Here’s what you need to know

Student loan borrowers who haven’t been able to afford their monthly payments must consider their options to avoid going into default.

The 12-month grace period for student loan borrowers ended on Sept. 30. The “on-ramp” period helped borrowers who are struggling to make payments avoid the risk of defaulting and hurting their credit score.

“The end of the on-ramp period means the beginning of the potentially harsh consequences for student loan borrowers who are not able to make payments,” said Persis Yu, Deputy Executive Director at the Student Borrower Protection Center.

Around 43 million Americans have student loan debt, amounting to $1.5 trillion. Around eight million of those borrowers had enrolled in the SAVE plan, the newest income-driven repayment plan that extended the eligibility for borrowers to have affordable monthly student loan payments. However, this plan is currently on hold due to legal challenges.

With the on-ramp period and a separate program known as Fresh Start ending and the SAVE plan on hold, student loan borrowers who are struggling to afford their monthly payments have fewer options, added Yu. Student loan borrowers who haven’t been able to afford their monthly payments must consider their options to avoid going into default.

If you have student loans, here’s what you need to know.