Student Loans: Don't Wait 'Until the Last Moment' to Figure Out Payments, Expert Warns
"Borrowers may be dreading that student loan payments are restarting next month, but that shouldn't keep them from preparing now," Yahoo Finance reports.
... "'The time to be thinking about repaying your student loan debt is today, not waiting until the last moment,' Justin Draeger, president and CEO of the National Association of Student Financial Aid Administrators (NASFAA), told Yahoo Finance Live (video above). 'So reaching out, contacting your federal student loan servicer, logging into your account, and thinking about making payment arrangements now.'"
"Draeger noted that there are several payment options available to borrowers who may be struggling, such as deferments, forbearances, and income-driven repayment (IDR) plans."
"It 'will save students and families a significant amount of money if their income is not in a place where they can make payments,' Draeger said."