Pause on federal student loan payments expires May 1

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“It’s kind of pushing it back, which I mean is cool, but if we’re going to base our campaign on a very big part of it being student loan cancellation, then let’s try to cancel it. instead of putting it back five months,” said Josiah, a student at Nazareth College.

While Senator Major Chuck Schumer and others in his party have been pushing President Biden for months to write off $50,000 per student in loan debt, the president is more likely considering $10,000 write off, but until until it is written in stone, students must begin planning to Pay Back.

“After your mortgage payment or rent payment, it’s probably the most important payment you have or outstanding debt for most households,” says Mary Jo Lambert-Terry, managing partner at Yfery.

A recent study by the Student Debt Crisis Center revealed that 89% of borrowers are not ready to start making payments again. So what should you do now to make sure you don’t fall behind right away?

Lambert-Terry suggests that all federal borrowers start by going to https://studentaid.gov/.

“It’s a secure website, you have to log in and basically what it will tell you is… who your loan manager is, what is your loan balance and approximately how much will be of your monthly payment,” Lambert-Terry said.

Once you have this information, depending on your situation, you should call the repairer directly.

“There are many, many federal programs that loan officers will want to put you in place to make sure you are successful. So there is not one income-tested reimbursement program, there are four. If you feel you need to refinance your loan, there is federal consolidation. If you are unfortunately still unemployed, there are deferments available, each of these things cost you nothing,” Lambert-Terry explained.

And, if President Biden extends the break again or cancels a set amount of student debt, you can still take advantage of it. If it doesn’t, make sure your account isn’t set up for direct debit until you know exactly what your monthly payment will be.

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