Federal student loan payments are resuming. Here’s the essential information.
Federal Student Loan Borrowers Must Resume Payments After Pandemic Pause
After a three-year-plus hiatus due to the pandemic, federal student loan borrowers are now required to start making payments again. This news may cause some anxiety, but experts have provided guidance on how to navigate this transition.
Where to Begin
The first step is to log in to your StudentAid.gov account and check who your loan servicer is. It’s important to note that many loan servicers changed during the pandemic, so you might have a different one than before. Once you know your loan servicer, log into your account with them to access your student loan balance, monthly payment amount, and interest rate. Additionally, familiarize yourself with the type of student loan you have to determine which income-driven repayment plans you may qualify for. Lastly, ensure that your personal information is up to date in your account to receive all important correspondence.
Understanding Your Payments
To find out what your monthly student loan payment will be, visit your account with your loan servicer. If you’re unsure who your servicer is, you can find that information by logging in to your studentaid.gov account.
Managing High Payments
If you anticipate difficulty in making payments once they resume, there are options available to you. President Joe Biden announced a 12-month grace period to assist struggling borrowers after payments restart. While it’s advisable to make payments during this period, it’s important to note that non-payment won’t result in default or harm your credit score. However, interest will continue to accrue. Researching income-driven repayment plans is recommended, and you can utilize online calculators to determine the best plan for your needs.
Exploring Income-Driven Repayment Plans
An income-driven repayment plan sets your monthly student loan payment based on your income and family size, aiming for affordability. These plans consider various expenses in your budget, and most federal student loans are eligible for at least one of these options. Typically, your payment amount under an income-driven plan is a percentage of your discretionary income, and in some cases, it could be as low as $0 per month. The SAVE plan, introduced by the Biden administration, offers lenient terms and prevents interest accumulation with regular payments.
Additional Programs for Student Loan Debt Relief
Government and nonprofit employees may qualify for the Public Service Loan Forgiveness program, which offers cancellation after 10 years of regular payments. Certain income-driven repayment plans also cancel the remaining debt after 20 to 25 years. Borrowers defrauded by for-profit colleges can apply for borrower defense and receive relief. To enroll in an income-driven plan, complete an application through the Federal Student Aid website.
Tips for Reducing Costs
Enrolling in automatic payments through your loan servicer’s account can lower your interest rate by a quarter of a percent.
Protecting Yourself from Scams
It’s crucial to stay vigilant against scams. Remember that the Department of Education will never call you on the phone, asking for payment or promising debt cancellation. Be cautious of any suspicious calls or requests for payment. To safeguard yourself, ensure you know the official email addresses of the Department of Education, watch out for typos in advertisements, and never share your login information.
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