Student Loan Repayments Resume Soon – Prepare Now with These Six Tips
If you’re among the millions of Americans with outstanding federal student loans, you can expect your payments to resume in May when the pandemic-era pause comes to an end.
Here are six tips to help you prepare for making payments on your student loans once again.
Know Your Loans
Now is the time to refamiliarize yourself with your obligations. For federal student loans, simply go to the Federal Student Aid website to find all the relevant information.
Update Your Information
You can also use the StudentAid website to ensure your contact information—particularly your email address—is correct.
Determine the Size of Your Payments
The lender should disclose your monthly payment obligation online. If you don’t see it, give the servicer a call to confirm it.
Set Up Automatic Payments
Much like establishing regular retirement contributions, automated approaches to improve your financial situation helps reduce time and effort.
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