Student loan borrowers should prepare to repay debt

A provision that allowed temporary student loan forbearance during the COVID-19 pandemic will expire at the end of the month. That means borrowers must resume their monthly payments.

By

Lifestyle

January 11, 2022 - 9:39 AM

Photo by Pixabay.com

After more than 20 months of temporary student loan forbearance for millions of student loan borrowers, student loan relief is ending Jan. 31.  This means that beginning Feb. 1, your federal student loan payments will resume with your normal interest rate.  Here are some tips to prepare yourself. 

• Update your contact information. Make sure your contact information is up to date in your profile on your loan servicer’s website and in your StudentAid.gov profile. Wrong contact information could make you miss important updates.

• Get info about your next payment. Once the payment pause ends, your loan servicer(s) will send you a billing statement. Contact your loan servicer to restart auto-debit, sign up for auto-debit for the first time, or find out other ways to make a payment. 

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