On April 6, 2022, the U.S. Department of Education (ED) extended the student loan payment pause through Aug. 31, 2022.
The pause includes the following relief measures for eligible federal loans:
· a suspension of loan payments
· a 0% interest rate
· stopped collections on defaulted loans
Here are four steps to make sure you’re prepared for student loan payments to resume:
· Update your contact information in your profile on your loan servicer’s website and in your StudentAid.gov profile.
· Review your auto-debit enrollment or sign up for the first time. To do so, log in to your loan servicer’s website or contact your loan servicer directly.
· Check out Loan Simulator to find a repayment plan that meets your needs and goals or to decide whether to consolidate.
· Consider applying for an income-driven repayment (IDR) plan. An IDR plan can make your payments more affordable, depending on your income and family size.
You can always contact us at CCCS of Buffalo to help with your student loan questions and concerns! www.consumercreditbuffalo.org716-712-2060