Most federal student loans have been on pause since March of 2020.
Although there could be another extension, payments are currently scheduled to resume in September. So, you need to get ready now.
A lot can change in two years. Maybe you moved, or changed banks. You need to verify or update your contact information to ensure you don’t miss any communications from your loan services.
Anna Helhoski, student loan expert at NerdWallet, says the best way to do this is to go to studentaid.gov. Helhoski also suggests signing up for autopay.
“As long as you know that you have the money in your account, autopay is a really great way to keep your loans in good standing without having to worry about logging into your servicing account every month and making that payment manually,” she said. “It’s important to note, though, that anyone who signed up for autopay prior to the pause does need to contact their servicer and say turn my auto pay back on. Otherwise, it’s not going to happen automatically.”
One more bonus: Autopay reduces your interest rate by a quarter point.
Fraud Alert: Scammers will try to cash-in on the resumption of student loans payments. They’ll offer “too-good-to-be-true” payment options, and promise to erase your debt. Of course, they always want money upfront. Don’t fall for their lies. NerdWallet has advice on spotting student loan forgiveness scams.
More Info: Student Loan Payment Pause Will End Soon, Here’s How to Prepare
