Student Loan Update July 2023
posted
July 6, 2023
July 6, 2023
Many Americans who are counting on student loan forgiveness as part of the Biden administration’s forgiveness plan will have to start paying it off again. The Supreme Court issued a 6-3 ruling on Friday, June 30, 2023, ruling that the Department of Education does not have the authority to implement programs that affect student loans in this way.
Beginning September 1, 2023, interest accruals on outstanding federal student loan balances will resume, and payments will begin again in October. Here are some tips for preparing to repay:
- Check who the loan service you are using is and make sure your login information is still valid for their website. If your servicer changes, you may need to reset your password or create a new account.
- Please check your account to make sure your information is up to date.
- Check your balance and monthly payments. You may need to call your servicer to know the exact amount.
- If you have money in your account to pay in full, we recommend that you do so by September.
- If you need to keep paying, look at your monthly cash flow and discretionary spending, and if necessary, see where you can cut back so that you have enough money to pay your student loans and stay within your budget. increase.
- Feeling unable to pay? Contact your servicer as soon as possible to understand the various payment plan options available.
