"After a long pause due to the pandemic, student loans are soon due again. Interest will begin to accrue starting September 1st for the first time since March 2020, and payments will resume next month," ABC News reports.
..."Karen McCarthy with the National Association of Student Financial Aid Administrators says there's help for borrowers who need it, but don't put it off.
'So, it's always a good idea not to panic or put your head in the sand about these things to do the research, make sure that you are in an appropriate repayment plan that will work for you,' said McCarthy.
McCarthy says Student Aid.gov has a loan simulator available to get an idea of how much your payments might be.
'For students or borrowers who are really struggling, do not say, perhaps, think that they will be able to pay anything at all towards their student loans. They may want to consider one of the income-driven repayment plans where they will document your income level, and the payments under one of those plans can be as low as $0,' said McCarthy."
NASFAA's "Notable Headlines" section highlights media coverage of financial aid to help members stay up to date with the latest news. Articles included under the notable headlines section are not written by NASFAA, but rather by external sources. Inclusion in Today's News does not imply endorsement of the material or guarantee the accuracy of information presented.
Publication Date: 8/31/2023