1/3/2024 0 Comments Resume companies![]() ![]() "Look at your loan status, your interest rate, and see what is your repayment plan. Next, figure out what your balance is and how much you'll be on the hook for in September. "We are hearing people haven't had to log in for a few years and can't remember how to log in, and then they have to call someone and there is an hour-long hold to reset their password." Check your balance and payment amount "It's as simple as making sure you have the information to log into your student loan account," she noted. Next, make sure you can log into your account with the servicer. Some people may learn that their servicers have changed since March 2020, said Michele Shepard, senior director of college affordability at The Institute for College Access & Success, an advocacy group for affordable higher education. The first step in preparing to resume repayments is to log into your account at the Federal Student Aid website, which will tell you which servicer is handling your loans. In other words, millions of Americans with student loans haven't had to make a payment in more than three years. That comes after repayments were put on hold, and interest rates set to 0%, starting in March 2020 due to the pandemic. Student-loan repayments are slated to restart on September 1 under the deal negotiated by the Biden administration and lawmakers, which was signed into law earlier this month. The Supreme Court ruling impacts repayments because borrowers will have to restart their payments based on their full balance, without the benefit of up to $20,000 in debt relief. Biden's plan B could take months to enact, which means borrowers should plan on starting repayments, without any debt relief, in September. ![]() ![]() 1, no matter what the Supreme Court ruled, experts noted.Īnd Mr. The resumption of debt repayments was going to happen on Sept. "If you can pay your monthly bills, you should." How does the ruling impact debt repayments? While that doesn't take away the need to make payments, it lessens the credit hit from potentially missing them. ![]()
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