Federal student loan borrowers will need to start making payments again this month after a three-year-plus pause due to the pandemic.
You should expect a bill that lays out how much you have to pay each month at least 21 days before your due date. It is likely that most borrowers have received their bill already but if you have not, visit your loan servicer account. Interest started accruing again in September.
If you have student loans and haven’t made a payment in the last three years, don’t panic. Here is what experts recommend:
The first step is to log in to your StudentAid.gov account and check who your loan servicer is. Many loan servicers changed during the pandemic, so you might have a different one than you did back in March 2020, according to Amy Czulada, outreach and advocacy manager at the Student Borrower Protection Center.
Once you know your loan servicer, you will log into your account with them to access your student loan balance, monthly payment amount and interest rate. Czulada also recommended that you look at which type of student loan you have, so you know which income-driven repayment plans you might qualify for.
Lastly, update your personal information in your account with your loan servicer to make sure you receive all important correspondence.
Source: AP
You must be logged in to post a comment.