Student loan payments will resume soon. Here’s what you should do now – By Annie Nova (CNBC) / June 19 2021
- Student loan borrowers have been off the hook from their payments for a year and a half.
- Here are the steps experts recommend borrowers take as their bills come due again.
The other day I did something I haven’t done in over a year: I signed into my student loan account. Or, at least that’s what I tried to do. Turns out I’d forgotten my password and couldn’t get in. Instead of going through the steps to change it, I closed the browser and went back into denial.
Come this fall, borrowers will again have to make room in their lives and budgets for monthly student loan payments. It’s been a good run. The U.S. Department of Education first gave borrowers the option of pausing their bills without interest accruing in March 2020. (Most federal student loan borrowers accepted that offer.)
Many borrowers have grown accustomed to life without a hefty monthly student loan bill, and are likely not looking forward to the break ending in October.
“Student loan payments have been out of sight, and out of mind,” said Elaine Griffin Rubin, senior contributor and communications specialist at Edvisors
