The student loan “on-ramp” has blocked the worst consequences of missing payments for the past year. The protections end Monday.

Federal student loan borrowers need to start making payments in October, otherwise their credit score will take a serious hit.

If you're like many people, you probably borrowed money to cover some or the entire cost of your college education. Every year, 30% to 40% of undergraduates take out federal student loans, and 70% of bachelor's degree recipients graduate with student loan debt.

The “on-ramp” repayment plan—a buffer given to student loan borrowers as post-pandemic payment pauses resumed last fall— will end on Monday, Sept. 30; and once again, borrowers will be subject to consequences for late or non-payment.

The Biden administration is set to end its 12-month grace period for student loan borrowers and a separate program to lift millions out of default.