NEW YORK — Federal student loan borrowers will need to start making payments again this month after a three-year-plus pause due to the pandemic.
You should expect a bill that lays out how much you have to pay each month at least 21 days before your due date. It’s likely that most borrowers have received their bill already but if you have not, visit your loan servicer account. Interest started accruing again in September.
If you have student loans and haven’t made a payment in the last three years, don’t panic. Here’s what experts recommend:
The first step is to log in to your StudentAid.gov account and check who your loan servicer is. Many loan servicers changed during the pandemic, so you might have a different one than you did back in March 2020, said Amy Czulada, outreach and advocacy manager at the Student Borrower Protection Center.
Once you know your loan servicer, you’ll log into your account with them to access your student loan balance, monthly payment amount and interest rate. Czulada also recommended that you look at which type of student loan you have, so you know which income-driven repayment plans you might qualify for.
Lastly, update your personal information in your account with your loan servicer to make sure you receive all important correspondence.
Borrowers can find out what their monthly student loan payment will be on their account with their loan servicer. If you don’t know who your servicer is, you can find it by logging in your studentaid.gov account.
If you think you’ll have a hard time making payments once they resume, you have several options.
This summer, President Joe Biden announced a 12-month grace period to help borrowers who struggle after payments restart. You can and should make payments during the first 12 months after payments resume, but if you don’t, you won’t be at risk of default and it won’t hurt your credit score. Inter