Terry Savage: Student loan repayment moratorium is ending. Here’s how to prepare
It’s official. Federal student loan repayments will start in September, and it’s your job to get ready. After more than three years of deferrals by both administrations, the debt ceiling deal forced the end of the moratorium.
And if you owe money on federal student loans, it’s going to be your responsibility to make sure you deal with them in the next 10 weeks. Yes, there’s still a possibility of some student loan forgiveness, depending on the Supreme Court ruling. But you should prepare for repayments now.
Step 1. Find your student loans! In the past three years your loan servicer may have changed, or changed names. So go to StudentAid.gov and log in using your FSA ID. (If you’ve forgotten that ID over the past three years, you can get help logging in using your email or phone number.)
Then you’ll find your loan servicer for each loan, along with a link and phone number. Make sure they have your latest contact information. You’ll soon receive notifications about the process for starting payments and the amount you will owe. The best thing you can do is set yourself up for automatic repayments taken directly from your checking account.