Do not be alarmed when you get that student loan bill next year as the Biden Administration announced Student Loan payments will resume on February 1, 2022.
The Biden administration will not extend student loan relief — and the student loan payment pause will end January 31, 2022.
White House Press Secretary Jen Psaki told reporters more details about loan repayment will be made available in the coming weeks.
WHAT TO KNOW:
Will I be notified?
Not everyone’s payment is due on Jan. 31. You’ll get a billing statement or other notice at least 21 days before the payment is due.
Will the payments still be 0% interest?
Despite some efforts to continue the 0% interest for loans once repayment resumes, there are no plans by the Biden administration.
Will my autopayment restart?
Your automatic debit payments may not restart when the payments begin again. Check with your loan servicer to confirm you’re still enrolled.
Can I lower my payments?
If you’re worried about being able to afford the payments, the Department of Education recommends contacting it immediately. You can apply for a different payment plan based on income.
Are you ready to start making that student loan payment again?
12-14-21
