Student Loans Repayment Begins Soon
JACKSON, Tn.- Student loan payments restart in October. Here’s what you need to know.
Federal student aid recommends that you plan for repayment before you get your first bill.
Update your contact information at studentaid.gov.
Look for affordable payment plans that fit your budget. Student aid suggests an IDR or income-driven repayment that's based on your income and family size.
IDR plans have to be renewed each year, so if you were on the plan once before you may have to recertify.
Signing up for autopay is optional but you can save a small amount on interest if you enroll. You will get a reminder before each withdrawal.
Make note of how much your monthly payment will be and make plans to have sufficient funds by due date. To find out your payment information, you can log in to your loan servicer's website.
Lastly check to see if you qualify for any type of loan forgiveness.
There is loan forgiveness for people who work in public service, people who can't pay because of a disability and people who were defrauded by their school.
Please be aware that if you do not make your payments, you can lose access to more aid and damage your credit score. The government can also take your tax refund, part of your social security benefits and up to 15% of your paycheck.
For additional information and resources, you can visit studentaid.gov.