43 million Americans set to restart student loan payments in January

Call your loan servicer now to avoid long wait times
Published: Nov. 3, 2022 at 12:22 PM AKDT
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InvestigateTV - If you are among the 43 million Americans who will resume student loan payments next year, experts said now is the time to contact your loan servicer as help lines are expected to be clogged during the relaunch.

Cecilia Clark with NerdWallet said to start building payments back into your budget so you are prepared for January. “If you have been making payments this whole time, continue to do so,” Clark said. “But if you haven’t, now is the time to start and set that money aside, maybe in a high yield savings account to make sure that when the payments roll back around, you’ll be able to get back in there seamlessly.”

Clark said now is also the time to reach out to verify your contact and banking information, as well as letting them know if you are worried about being able to make your payments.

She said that if you qualify for student loan forgiveness, your payment may change when it resumes.

Clark explained that student loan forgiveness funds will be taken off of your total balance, then your payments will be recalculated. Most people will see a smaller payment.

Until then, Clark suggested using your old payment amount to make your budget.

If you are still worried that you cannot make the payment, consider switching to an income-driven repayment plan. Consult with a professional to see if this option is right for you.