Student Loan Payments are Back: Tools and Tips
As of October 2023, the Department of Education has resumed repayment for student loans. For some folks this may mean trying to remember account passwords and what plans they were enrolled in, and whether they should switch plans, etc. For other folks, this may be the first time they have had to enter repayment, and all the jargon and regulations may be new to them.
It’s an overwhelming time for many borrowers, and unfortunately, we’ve noticed a lot of confusing information (and even some misinformation!) floating around the interwebs, so we wanted to take a moment to highlight the Federal Student Aid website. If you are a recent college or grad-school graduate, you may recall this website as the portal where you filled out the FAFSA for financial aid.)
Federal Student Aid is the main portal for all federal student loan borrowers and has tons of information and resources for consumers. This is where the Department of Education will share-out news on student loans, where borrowers can log-in to see the status of their loans, discover who their loan servicer may be, and apply for Income-Based Repayment Plans, and Loan Forgiveness programs.
If you don’t yet have an account, you can create one in 5-10 minutes. However, it will take 3 days for the Department of Education to verify your identity.
The great thing about the Student Aid Website is that you can use the Student Loan Simulator to find the best repayment plan for you. (We suggest logging into your account to get as close to accurate results as possible).
Also, if you are interested in pursuing Public Service Loan Forgiveness, the Student Aid Website’s PSLF Help Tool is where you’ll need to go to file the application and the Employer-Certification forms
Word of caution: There are many companies out there offering to find the best repayment strategy for you for a price. While some of these companies do offer great service by helping you understand how future income projections tie into loan repayment, many others are simply using the loan simulator (or their version of the loan simulator) to give you the same information you can get for free.
What's My Money Story?
We help those making less than $70K have a safe space to talk about money and hold each other accountable.
Our Money Match Program pairs two people with similar goals and financial situations together to be accountability buddies and talk openly about their goals, and the steps they are taking to achieve them. It's like having a gym buddy but with a focus on achieving your financial goals together.
It's free and open to everyone, but we especially want to create a safe space for People of Color to talk about their goals and achieve them faster.
*Disclaimer: We don't get referral fees for any product or resource recommendations. Listing a resource in this newsletter does not constitute an endorsement of its services/products.