(Gray News) – The forbearance of student loan repayments will end on Jan. 31, 2022, with payments resuming Feb. 1, 2022, for millions of Americans.
According to studentaid.gov, you will receive a billing statement or other notice at least three weeks before your payment is due, so it’s important to make sure your contact information is accurate.
You can use the loan simulator to find a repayment plan that meets your needs and goals or to decide whether to consolidate.
As you prepare for student loan payments to resume, you can also consider applying for an income-driven repayment plan that could make your payments more affordable.
Be aware that many scammers could try to take advantage of student loan borrowers.
They may claim you are eligible for immediate loan forgiveness through “Biden Loan Forgiveness” or “CARES Act Loan Forgiveness,” two programs that do not exist.
Also, if someone contacts you for personal information or money to suspend your loan payments, it’s a scam, according to consumerfinance.gov.
The Federal Reserve says Americans owe more than $1.7 trillion in student loans as of the third quarter of 2021.
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