5 Things to Help Prepare Student Loan Borrowers for Repayment
As we approach the end of the 18-month long federal student loan forbearance this September, there’s a lot of speculation about what will happen next. Will there be another extension? Will student loan servicers be able to cope with the influx of borrowers seeking help? Will borrowers already struggling with limited finances face a fast path to default?
These are concerning questions for student loan borrowers, their colleges and employers. To help, we're sharing five ways for borrowers to prepare for the repayment transition on the horizon.
UPDATE contact information. Confirm your contact information with your loan servicer. It’s the best way to ensure timely communications are received. If you’re not sure who your servicer is, find out at studentaid.gov.
KNOW your total loan amount. It's been awhile since you've been making payments on your loans or perhaps you've yet to start. Determine your current balance, add your principle to any accrued interest. Note: Now is the time to pay down interest as the two amounts will likely be added together upon repayment.
CALCULATE payment options and pick a manageable plan. There are numerous repayment plans. Start by figuring out how much you’re able to pay each month and then calculate which plan gives you the best chance for overall success. Studentaid.gov has a calculator that can help.
DO your homework. Unfortunately, there are unscrupulous actors who will try to take advantage of student loan borrowers during this confusing time. Be wary of unsolicited offers or promises (like loan forgiveness). Instead, do enough research to make an informed decision. It’s the best way to avoid student loan scams and fake help.
FIND an employer-paid student loan paydown benefit. Student Loan Repayment Assistance (SLRA) is the fastest growing employee benefit. Does your employer provide this benefit? Are you eligible to participate?
As we head into the fall season, contact us if we can be of service to you or the student loan borrowers in your life.
Our Student Loan Success Center™ has knowledgeable coaches that provide personalized repayment counseling. Co-Pay Partners® is a great turn-key solution to facilitate an SLRA benefit.
We look forward to talking with you.
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Beth Erickson
Vice President Repayment Solutions
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