In an unexpected turn of events, Biden has extended the postponement of payments and interest on Student Loans to May 1st, 2022. This gives borrowers an additional 90 days before needing to pay back their loans. This is great news after previously being told they would not extend the postponement any further. However, don’t think that this extra time should be spent not worrying about your loans. Now is the time to make some plans on how you are going to properly manage the loans when they do come due.
1. If you have FFELP loans get them consolidated ASAP. If you aren’t sure what type of loan you have check for them to say Direct in the name of the loan. If they don’t then they are probably FFELP loans and they are not getting zero interest. You definitely want zero interest and zero payments. A consolidation would allow them to qualify.
2. Do you know what payment plan you qualify for? If not, get a free consultation with Degrees of Success so you know what your best plan of action will be. Income-Driven repayment may be a viable option for you to reduce your monthly payment cost. Let us run the numbers to determine if you qualify.
3. Have your loans defaulted? Now is the perfect time to get them back in good standing while there is no fear of garnishment. Plus, you can rehabilitate the loans without making a payment for 5 months which could be a big help.
- Tired of trying to figure it all out on your own?
- Tired of completing the wrong documents?
- Unsure of where to even get started?
- Sick of the runaround from your Student Loan Servicer?
- Finally ready to get your Student loans in order?
Schedule a Free Call so you can get on track this year! Don’t let another year go by without having your loans under control.