How to Stay Informed about Your Student Loan Payment

attorney2If you are one of the millions of Americans who have student loan debt you have probably been following the multitude of news reports about loan forbearance, repayment, forgiveness, andsettlements over the past two years. You need to know what is going on with student loans, but keeping track of the news reports can be exhausting.

The Skinny:  Student loan payments were paused during the pandemic and many borrowers have not made payments in more than two years. The Biden Administration has announced a student loan forgiveness plan and borrowers are waiting for the details.
 
Sorry private borrowers. These plans only apply to government backed student loans.
 
There are simple steps that borrowers can take to stay informed about their student loan repayment among the flood of headlines.
 
1. Know Your Lender. Loans often are moved to different lenders over time. Your lender may have changed since the last time you made a student loan payment. Take a few minutes to search your inbox for information from your lender. This website at the US Department of Education may be able to help you find your loan servicer.
 
2. Contact Your lender. You want to go to your lender’s website and opt-in to get their latest alerts. You can also follow them on social media to help keep track of updates. You should also make sure they have your correct contact information on file - email address and home mailing address. Many people moved over the pandemic and its easy to overlook a bill you haven’t had to pay.
 
3. Enroll in Department of Education alerts for the most recent Student Loan news. While this will not give you information on your specific loan, you will have information to know when you need to begin paying, apply for forgiveness and other actions. Signup at : https://www.ed.gov/subscriptions
 
4. Google Alerts are a great way to have specific news delivered directly to your inbox. You can set up a Google alert for “Student Loan Forgiveness Programs” or the name of your lender. This will allow you to see the latest national breaking news on a daily basis.  If you’ve never set up a Google alert before, it is easy.  Just follow this simple and quick video.  https://www.youtube.com/watch?v=fmkaFfKg_AY
 
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