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Student Loan Payback Time: What You Need To Know And Do As Payments Resume

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The moratorium on repayments and interest on $1.6 trillion in federal student debt owed by 44 million Americans really is ending this time—on August 31. There are things some or most borrowers may need—or want—to do this month.

Anyway, there’s a laundry list of reasons to act. Were your payments being automatically debited from your checking account? You’ll have to reauthorize that. Are you aiming for Public Service Loan Forgiveness, which is supposed to wipe out debt after 10 years of income-based payments for those working in not-for-profits and government? You’ll want to recertify that you’re in an eligible job before Dec. 31.

Here’s arguably the most compelling reason to sign on to StudentAid.gov and review your status now: It could save you money. “If you haven’t done anything in the last 3 ½ years, you may not be in the right repayment plan,’’ saysdifferent repayment plans, ranging from the standard 10 years of steady payments to a smorgasbord of income-driven repayment plans.

 

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