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Student Loan Repayments Resume in October, Are You Ready?

09/15/2023
October is fast approaching, which means so are student loan payments.

As advocates for financial wellness, we want you to be prepared for upcoming payments. Here's everything you need to know to start prepping for those monthly payments again.

5 Steps to Prepare:

  • 💲 Figure out your budget: Experts say you’ll likely need to reduce expenses to find at least 15% in your budget to pay for debt, learn more about budgeting for school loans.
  • 💼Locate your student loan provider: To find your servicer, log into https://studentaid.gov/ and scroll to the "My Loan Servicers" section
  • 📞Contact your servicer: If you look at your budget and realize you may have a hard time making payments, contact your servicer through email or phone
  • 📉Consider an income-driven payment plan (IDR): Speak with your servicer about signing up for an IDR plan. These plans adjust your monthly payments based on your disposable income, potentially lowering the monthly payment
  • 🗄️Stay organized: In case student loan forgiveness goes through, make sure to have all your paperwork handy so you can take advantage
To learn more on how to prepare, watch these videos:
 
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Excerpt for Student Loan Repayments Resume in October, Are You Ready?

As advocates for financial wellness, we want you to be prepared.