The Education Department is planning to turn student loan payments back on for 40 million people. Here's what could be ahead for these borrowers.
Double-check that your servicer has your current contact information, so that you receive all the notices about the upcoming change, experts say.
Impacted borrowers should get multiple notices, Buchanan said. Come February, if you mistakenly send a payment to your old servicer, he said, the money should be forwarded to your new one.Although federal student loan bills will technically be due again in February, borrowers may have some more time.
But while interest on federal student loans has been stopped during the payment pause, it will start being charged again in February.Borrowers who've been negatively impacted by the pandemic may want to enroll in one of the government's income-driven repayment plans when bills resume. Under these plans, people's payments are capped at a portion of their income and some monthly obligations wind up being as little as $0.
Usually, borrowers have to provide documentation to prove their household earnings and size, however the Education Department is considering allowing them to temporarily self-certify this information.There's some chatter that the Education Department may automatically move more than 7 million student loan borrowers out of their defaulted state, Kantrowitz said.
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