First things first: Get acquainted (or reacquainted) with your loans. And don't count on blanket loan forgiveness.
A little more than three months. That's how much time is left before about 41 million federal student loan borrowers have to start making loan payments again.
The federal government froze student loan payments at the beginning of the coronavirus pandemic, and it has extended that freeze several times since, most recentlyThe Department of Education has said payments will resume on May 1. What should borrowers be doing to prepare? Betsy Mayotte has some ideas. She's the founder of the Institute of Student Loan Advisors, a nonprofit organization that offers free counseling to borrowers.
Get answers to the following questions: How much is/are your balance? What kind of loans do you have? What company is your servicer? What are your interest rates?The more you know about your loans, the better off you'll be in figuring out how to handle them. And knowing which company services your loans is extra important because some servicers haveMake sure your loan servicers have your correct contact information: email address, mailing address and phone number.
"Thankfully there are a couple of really good tools out there to help borrowers figure out not only what their payment will be under each of those plans, but almost more importantly, how much they'll pay in the long run under each of those plans," Mayotte says.
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