Get ready to start paying off your student loans again.
That’s what financial experts are telling borrowers with federal student loans, who, since March 2020 have enjoyed a suspension of their payment obligations due to the pandemic. While lots of borrowers hope that the suspension will be extended beyond the current expected end date of Sept. 30, many experts don’t think that is likely.
Thus, it is important for these borrowers to get ready—by evaluating their budgets and payment options—before the scheduled repayments are due.
“It can add some peace of mind to the rest of your summer,” says Ashley Norwood-Struppa, who is regional director for the Northeast at AccessLex Center for Education and Financial Capability, a provider of on-campus and online resources. “I don’t want anyone to be surprised by that bill in the fall.”
Here’s what you need to do now.