Before student loan repayment begins, you should be aware of the following.
After a three-year hiatus, student loan repayment will begin again in October. What borrowers who are starting their first payment or are restarting payments need to know is explained by financial experts.
Nearly one in five Americans, according to the Consumer Financial Protection Bureau, have circumstances that suggest they would find it difficult to make student loan repayments in October.
Since the pause began, the economy has experienced significant changes.
According to Betsy Mayotte, president of the Institute of Student Loan Advisors, things like rent, groceries, and lettuce are much more expensive now than they were before COVID-19.
Regardless of whether they have made payments in the past or not, all federal borrowers must be aware of how much they owe and who their loan provider is.
Logging onto a federal student loan account on StudentAid.gov will reveal information about loan providers.
During the student loan repayment break, 17 million accounts were moved to several loan providers.
In order to ensure their contact information is accurate, people need to open an account with their provider.
Additionally, a loan simulator tool that displays monthly payment alternatives for various programs is available on the federal student assistance website.