6 Ways to Prepare for Student Loan Repayment to Begin Again INFORMATION FROM THE U.S. DEPARTMENT OF EDUCATION
Your monthly student loan payments will begin again once the COVID-19 emergency relief ends. Congress recently passed a law preventing further extensions of the payment pause. Student loan interest will resume starting on September 1, 2023, and payments will be due starting in October. We will notify borrowers well before payments restart. Here are six things you can do to prepare – and to make payments more affordable if need be.
Update your contact info. 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 or other notice. This notice will include:
• payment due date
• upcoming interest
• payment amount
Your payment will be due no sooner than 21 days after your servicer sends the billing statement. To find out your upcoming payment amount, log in to your loan servicer’s website. If your servicer doesn’t provide this info online, you can call or email your servicer. If you don’t know who your servicer is or how to contact them, follow these steps: 1. Visit your dashboard. 2. Find the “ My Aid ” section. 3. Select “ View loan servicer details .” If you can’t log in, call 1-800-4-FED-AID (1-800-433-3243) for loan servicer info.
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