After a three-year payment freeze, federal student loan interest will resume on Sept. 1. But payment season won't kick off until October, so you have a few months to plan. The actual date your first payment is due will depend on your loan servicer, but you'll get all the necessary details in advance. 

Roughly 43.5 million Americans are sitting on student loan debt. On average, student loan borrowers end up paying $337 every month to chip away at their debt, according to a Motley Fool study on student debt. Given these high monthly payments, it's not a surprise that 15% of Americans are behind on their student loan payments. 

If you're worried about student loan payments or are trying to figure out how to plan ahead, here are five items to check off your list. 

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1. Verify your contact information 

Missing student loan updates and payment information could wreak havoc on your finances and credit score later. Make sure your contact information is up to date on StudentAid.gov and your loan servicer's website to avoid any trouble down the line. 

2. Get your finances in order 

Borrowers haven't had to worry about student loan payments since March 2020, so now is a good time to brace yourself for a monthly bill. Take a look at your paycheck and start socking money away to put toward your debt. If you're low on funds, review your finances to see if there are opportunities to cut back in some areas or increase your income. 

3. Find out when your payment is due 

Student loan payments will be due starting in October, but be on the lookout for your exact due date. Your loan servicer will send you all the relevant details, such as your payment amount, interest, and due date.

You'll receive a notice from your loan servicer at least 21 days before your bill is due. Set a calendar reminder, so you don't miss your first payment. 

4. Review your repayment plan options

Check out your current repayment plan to determine if it makes sense for your budget and goals.

The standard repayment plan allows you to knock out your student loans in 10 years, but that's not always the best option for everyone. If money is tight, you may want to see if you qualify for an income-driven repayment (IDR) plan. The monthly payments will be lower than the standard repayment plan, and your payments will be capped at a percentage of your income. After 20 or 25 years, your remaining loan balance will be forgiven. 

5. Beef up your emergency fund 

While you wait to see the fate of your student loan debt, you can start building your emergency fund. Consider putting your emergency fund on autopilot by transferring a certain amount from your paycheck to your emergency fund every period. That way, if an unexpected expense comes up, you don't have to sacrifice your student loan payment to take care of it. 

You can keep your emergency fund separate from other accounts, but make sure it's accessible when you need to touch the funds. 

There is no reason to fear the future 

Student loan debt doesn't have to be the end of the world. If you play your cards right, student loan debt can teach you valuable financial lessons that can serve you well in your life. Use this time to beef up your savings and create a financial plan. Before you know it, you'll be on your way to dumping your student loan debt and investing in the life you want.